The stock market roared Wednesday and the yield on the benchmark 10-year Treasury jumped to 1.67% in afternoon trading, thanks to better economic news out of Europe.
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The 10-year bond recently fell to a record low of 1.44%, causing mortgage rates to fall, and setting off a whole new round of refinancings.
On Wednesday, stocks in National Mortgage News’ Mortgage Industry Equity Composite had percentage gains on either side of the Dow’s 1.9% increase. These ranged from a tiny improvement of just about 0.1% at Home Loan Servicing Solutions Ltd. to a 8.6% jump at mortgage insurer MGIC.
Publicly traded megabanks were rising as well. Bank of America’s share price was up 7.6%. PHH Corp., the nation’s largest nonbank, saw its share price rise 4.5%.
