June 30th Mortgage Market Wrap-up

Mortgage backed securities (MBS) closed down 22 basis points today at 99.97 having fallen through support at the all important 200 day moving average.  If the bonds remain below this level, they have a long way to fall prior to hitting solid support.  The recent legislation passed by the Greek legislature has totally unwound the safe haven trading until the next Euro crisis.  The last of the 4.625% 30 year loans went away with the losses.