Radian, MGIC Have the Biggest Gains Among Mortgage Stocks
Radian Groupís common stock price was up nearly 7% on Wednesday while MGIC was up over 4%, as the two mortgage insurers were the largest percentage gainers in the Mortgage Industry Equity Composite.
There were 10 MIEC stocks that closed lower than they did on Tuesday, while seven were gainers.
During the day, MGIC Investment Trust set a 52-week high at $8.69 per share. Meanwhile, Radianís and MGICís competitors did not fare as well. Genworth gained 1.6%, while United Guarantyís parent AIG gained 1.1%. NMI Holdings also gained 1.1%. Essent lost over 2%.
Meanwhile the two companies to which the private mortgage insurance industryís fate is linked to had banner days. Fannie Mae gained over 5.5%, while Freddie Mac gained nearly 7% and both stocks closed at over $3 per share.
MIEC member PennyMac Investment Trust lost nearly 3% from its Tuesday close, while OceanFirst Financial was down over 2%.