Wednesday was not a good day for any borrower, broker, or LO who failed to lock earlier in the week. As the economy continues to show signs of picking up, thoughts of QE3, like those of a double dip recession, seem to be ebbing. All is relatively quiet in Europe, the Fed has indicated that the future looks a little rosier, U.S. economic numbers in some sectors are showing some strength, and suddenly we find our rates have shifted out of the range they've been in since Halloween. And when you throw in higher-than-normal selling by originators (almost double recent averages) hedging their pipelines, well, things can become ugly. The 10-yr T-note worsened by nearly 1.5 in price, closing around 2.27%, and "rate sheet" MBS pricing worsened by about 1.125.
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