October 28th Mortgage Market Wrap-up

Mortgage Backed Securities (MBS) closed up 44 basis points today at 101.16 above the 200, 50 and 25 day moving averages.  New Home sales unexpectedly fell and there was a general malaise in stocks worldwide as global earnings did not meet expectations.  As a result, stocks fell fulfilling a much anticipated correction.  The Dow closed down 120 points and crude oil was down over $2.00 to $77.46 per barrel.