June 29th Mortgage Market Wrap-up

Mortgage backed securities (MBS) closed up 19 basis points today at 101.47 near their high of the day, coming to rest just under resistance offered by the high of 12/17/08.  The 4.0% coupon MBS bonds made two runs at resistance and fell back each time.  The ten year Treasury closed at an incredibly low yield of 2.99%.  That was the lowest yield since April 2009.  The flight to the safety of U.S. Treasuries and bonds continues.