March 8th Mortgage Market Wrap-up 2

Mortgage backed securities (MBS) closed down 12 basis points today at 103.41 having once again fallen thorugh supporrt offered by the 25 day moving average and stopped just above the resistance at the 50 day moving average.  Good news from Europe about Greece's debt swap sent MBS bonds reeling this morning.  The fact that initial jobless claims were higher than the previous week stablized the fall somewhat.  Despite a reprice for the worse during the day interest rates remained low.