17 May Locking recommendation
Markets started the day with stocks leaning to the positive side and mortgage bonds under pressure. Stocks were pressed lower yesterday after mixed economic data, but Consumer Sentiment was reported at its highest level since May of 2007. This has pushed stock indexes within their all time high area once again. mortgage bonds are down by 56 basis points, which exceeds their gains from yesterday. Friday’s are typically not their best day of the week either. With pricing under pressure, we will advise a locking recommendation.