February 1st Mortgage Market Wrap-up 2

Mortgage backed securities (MBS) closed up 3 basis points today 103.91 having remained near all time high pricing despite a surging stock market.  MBS bonds which were down early in the day proved resilient today despite yesterday's closing candlestick and its negative demeanor.  Many times in the past when bonds have reached such incredibly lofty levels a swfit correction has occurred.  We will watch carefully to see how things play out this time.  The 30 year fixed was available at 3.75% today.