Mortgage Stocks Part of Broadbased Equities Sell-Off

Investors made a broadbased sell-off of equities on Wednesday as the federal budget deal makes it more likely the Federal Reserve will begin the taper sooner than later.

The deal reduces the need for the stimulus to continue, published reports say.

The Dow Jones Industrial Average sank nearly 130 points, while 15 of 17 Mortgage Industry Equity Composite member stocks closed lower, with 11 losing more than one percentage point from their Tuesday close.

OceanFirst Financial is the only MIEC member to report a higher close, up 0.11%, while Dime Community Bancorp closed unchanged.

At the other end of the spectrum, MGIC Investment Corp. closed 2.7% lower, followed by KB Home, down 2.5%, Ellie Mae, down 2.16%, and CoreLogic, down 2.15%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Mortgage-Stocks-Broadbased-Equities-Sell-Off-1040238-1.html

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