Good News Drives Mortgage Stock Gains

Strong economic data, including a positive new home sales report, caused the stock market to reverse course yet again as the Dow Jones Industrial Average climbed 101 points on Tuesday.

The good news, which also included the latest SP/Case-Shiller index report, caused 16 of the 17 Mortgage Industry Equity Composite stocks to close higher than they did on Monday.

The lone stock which closed lower was Redwood Trust, down 2.47%.

MGIC Investment Corp. led the gainers on a percentage basis, up 5.55%. Home Loan Servicing Solutions was up 4.68%. PennyMac was up 3.7%.

But the Corker-Warner bill impacted Fannie Mae and Freddie Mac, as both were down nearly 12.8% on Tuesday.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Good-News-Drives-Mortgage-Stock-Gains-1037177-1.html

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