Mortgage markets worsened slightly last week as demand for mortgage-backed bonds slacked. There was little surprise in U.S. economic data and the unfolding story lines of the Eurozone continued unabated.
As of this Wednesday morning, Europe’s stock markets are getting hit hard on increasing lack of confidence in the region. Money continues to flow to safety, into US treasuries and German bunds. Also, China said today it won’t inject stimulus at the pace it did in 2008 and its economic growth is expected to decline 8%, also helping to drive our rates lower. Read the rest of this entry »