June 23rd Mortgage Market Wrap-up

Mortgage backed securities closed up 3 basis points today at 100.78 coming to rest just 10 basis points below resistance offered by the highs of yesterday.  During the day MBS bonds managed to break through resistance but were not able to sustain that level.  This is quite a surprising level to be at considering that the FED purchases of MBS bonds have ended.  Remember that the bonds are extremely overbought and should be due for a correction soon.  Refinance today and save like never before.