Prices Dropped for Most Mortgage Stocks on Tuesday

Almost all mortgage stocks sold at a discount Tuesday, down more than the roughly 1% price fluctuation seen in the past few days.

Redwood Trust was the only stock on the Mortgage Industry Equity Composite trading up but only at 57 basis points.

MGIC stocks were the most affordable in the index selling at $6.91, down 4.69%. Price gains drove the average volume up to 9,127,560 by the time markets closed.

Nonetheless, Bank of America continued to be the best seller among mortgage stocks on Tuesday trading 121,314,106 shares at $14.11, down 2.62% compared to Monday.

The other companies that saw their stocks trade for relatively higher margins down were Astoria Federal 3.45%, Hudson City Bancorp 4%, PHH Mortgage 3.04% and Radian 3.98%.