May 2nd Mortgage Market Wrap-up 2

Mortgage backed securities (MBS) closed up 9 basis points today at 103.81 continuing to bounce around in the large void between the various moving averages and the record high of all time.  That resistance level has proved to be a worth adversary acting a firm ceiiling for bond prices.  MBS bonds traded in an extemely tight range and closed just above their lows.  Normally this is a negative sign but being so high in the trading range and with the jobs report on Friday, I would not give it too much credence.  The 30 year fixed was available at 3.875% once again today.