Another Large Swing Benefits Mortgage Stocks

The large shifts in the stock market continued for a fifth day, as the Dow Jones Industrial Average gained 110 points on Monday. Once again, the driving factor is speculation on when the Federal Reserve will end its bond purchase program.

Of the 17 members of the Mortgage Industry Equity Composite, 13 finished higher than their Friday close. They were led by MGIC Investment Corp., up 2.97% and Ellie Mae (for the first time in four trading days not bucking the trend) up 2.04%.

Meanwhile CoreLogic led the stocks which closed lower, down 1.54%, followed by Redwood Trust, down 1.38%, PennyMac, down 0.59%, and Fidelity National Financial, down 0.04%.

Fannie Mae was up 10.46% and Freddie Mac up 10.79% as speculation around the future of the two companies continues.