Stock Market Slows on Fed Bond Purchase Worries

Continued chatter about whether the Federal Reserve would exit its bond purchase program in the near term impacted the stock market on Monday as the Dow Jones Industrial Average lost 19 points from Friday.

Meanwhile, only five of the 17 Mortgage Industry Equity Composite stocks gained ground, one was unchanged and 11 closed down.

The largest percentage gainers were PHH, up 2%, and MGIC Investment Corp., up 1.48%. On the other side of the scale was PennyMac, down 1.99%, Ellie Mae, down 1.39%, and Redwood Trust, down 1.12%.

Fannie Mae and Freddie Mac both continue to draw investor interest, with both companies now firmly over the $1 per share mark.

Fannie Mae closed at $1.54, up over 14% from Friday, while Freddie Mac closed at $1.37, an increase of almost 8%.