Mortgage backed securities (MBS) closed down 25 basis points today at 102.75 having bounced down to test support at the 25 day moving average prior to bouncing up to close just 6 basis points above it. Bank of America showed improved earnings and their stock is now up over 40% above its recent lows. Morgan Stanley too show improved profits. Weekly initial unemployment filings were near a four year low. The 30 year conforming loan popped up to 4.0% today.
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