July 29th Mortgage Market Wrap-up

Mortgage backed securities closed up 22 basis points today closing at 102.25 having smashed  through the double levels of resistance that have been capping progress for days.  This puts MBS bonds at record high levels and correspondingly put interest rates at all time lows.  Bonds would have surged higher had today's Treasury auction not performed poorly.  The longer term 7 year offerings proved too long for investor's.