Mortgage Stocks Underperform on Monday

Although the Dow Jones Industrial Average hit another record high on Monday, mortgage stocks were more mixed, with seven of the 17 Mortgage Industry Equity Composite members closing lower compared with Friday.

Local banks led the way. OceanFirst Financial was up 1.71%, followed by Dime Community, up 1.47%, and Bank of Hawaii, up 1.31%. Fidelity National Financial, even though its acquisition of LPS hit a small stumbling block with a second request for information from the Federal Trade Commission, closed up 1.08%.

Ellie Mae had the largest decline, down 1.66%. It was followed by KB Home, down 1.35%, and MGIC, down 1.15%