Mortgage Stocks Down on the Day After Taper Announcement

Mortgage stocks did not fare as well as the Dow Jones Industrial Average stocks did on Thursday, the first full trading day after the taper announcement.

The Dows 11-point rise represented a second consecutive day where a record high had been set. But 15 of the 17 Mortgage Industry Equity Composite stocks closed lower than they did on Wednesday.

KB Home had the largest percentage loss on the day for MIEC members. It was down over 6% even as the homebuilder reported net income of $40 million for fiscal year 2013, up from a loss of $59 million for FY2012. This is KBs first annual profit since 2006.

Home Loan Servicing Solutions was down 2.9% and MGIC Investment Corp was down 2%.

The only stocks which closed higher were Bank of America, up 0.4%, and Fidelity National Financial, up 0.1%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Mortgage-Stocks-Down-Day-After-Taper-1040344-1.html

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