May 31 Mortgage Market Wrap-up 2

Mortgage backed seccurities (MBS) closed up 25 basis points today at 105.30 having venture once again into record territory for the 3.5 coupon.  The 10 year Treasury also hit another record dipping down to a yield of 1.56%.  A bevy of bad economic news was greeted with joy  buy bond traders who revel in bad news.  The ADP jobs report showed only 133,000 new jobs were created in May, while the street hoped for 150,000 or more.  The 30 year fixed rate was available at 3.625% again today.