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Mortgage Industry News
MBS Prices Move Higher
05/26/2011
MBS prices moved higher after the release of today’s weaker than expected economic data. Weekly Jobless Claims rose to 424K, above the consensus forecast of 400K. The four-week average declined slightly to 439K. First quarter GDP was unchanged at 1.8%, while the consensus was for a revision higher to 2.0%. Investors are concerned that government debt is high while economic growth is slow. The Dow is down 25 points. No more economic data will be released today. The results from the $29B 7-yr Treasury auction will come out around 1:00 et.
