The performance of stocks in this publication’s Mortgage Industry Equity Composite ranged from gains just shy of 3% to a loss under 1% Thursday.
Most MIEC company shares that gained outperformed the Dow’s very slight increase to a new high, according to Yahoo Finance.
Builder KB Home experienced the largest gain on the day near 3%, followed by mortgage insurer Radian Group Inc. and private-label mortgage services provider PHH Corp.
Only three MIEC stocks lost value on the day. All three were small- to mid-sized financial institutions.
Gains in the majority of mortgage-related stocks came on the heels of Federal Reserve chair Janet Yellen’s assertion that the Fed would continue its rate-lowering monetary policies such as regular purchases of mortgage and Treasury bonds.
A $100 investment in MIEC stocks on Jan. 1, 1998 based on week-to-week gains as of Thursday would be worth about $43, according to this publication’s
