Mortgage Stocks Trade up Driving Sales Volume Down

Mortgage stocks rallied back on Wednesday albeit not in a big way as almost half of the companies in the Mortgage Industry Equity Index traded up driving the sales volume down.

MGIC stocks were among the gainers trading at $7.05, up from $6.91 on Tuesday, a 2.03% increase. This apparently caused a mild decrease in the overall volume of shares sold during the day to 9,095,990, down by 31,570 shares compared to the previous day.

Similarly, Radian stocks traded up 2.08% at $12.79 from $12.53 on Tuesday dragging the sales volume down by 436,083 shares.

Gains were minimal at less than 1% for the other stocks trading up, except Astoria Financial shares which priced up 1.22%.

Bank of America shares also traded up at $14.12. However, even though the price increase was by just seven tenths of percentage points, the average daily volume of shares, which by far still is the highest in the index, dropped by 8,827,106 shares to 112,487,000.

Article source: http://www.nationalmortgagenews.com/dailybriefing/mortgage-stocks-trade-up-driving-sales-volume-down-1038471-1.html

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