January 12th Mortgage Market Wrap-up

Mortgage backed securities (MBS) closed up 53 basis points today closing just a few basis points below a tough double resistance formed by the 25 and 50 day moving averages.  A poor showing by equities allowed MBS bonds to push forward again today.  The Dow closed down 36 points, the tech heavy NASDAQ closed down 30 points and the S & P 500 was down just over 10 points.