May 29th Mortgage Market Wrap-up 2

Mortgage backed securities (MBS) closed down 6 basis points today at 104.28 having come to rest just 10 basis points below resistance offered by the recent record high.  MBS bonds enccountered significant headwinds today as stocks improved for the fifth time in six sessions.  There was some bad news that helped traders limit losses in the face of the high flying equity markets.  Consumer confidence fell to its lowest levels since January.  The 30 year fixed rate was a 3.625% for a few moments today.