March 18th Mortgage Market Wrap-up

Mortgage backed securities (MBS) closed down 3 points today at 99.31 just 3 points below the resistance offered by the high of January 31st.  With no economic reports to influence traders, news of a cease fire in Libya caused MBS bonds to sell off early but news of some continued fighting kept them from drifting too far down.  Stocks were higher during the day but came off their highs late allowing bonds to recover to nearly flat at the close.  The 30 year fixed rate finished the week at 4.875%.