April 20th Mortgage Market Wrap-up

Mortgage backed securities (MBS) closed flat today at 100.10 just four basis points below resistance offered by the 25 day moving average.  During the day the bond reached up to become almost tangiential with the difficult resistance but fell just short.  The reality of next week's Treaury auctions may have reinforced the technical factor.  Stocks rose marginally in reaction to wishy washy earnings reports.