June 27th Mortgage Market Wrap-up 2

Mortgage backed securiteis (MBS) closed up 6 basis points today at 105.09 having remained remained above support offered by the 25 day moving average only 28 basis points below.  MBS bonds did well to stay above water today as stocks had a nice solid gain.  As we know, stocks and bonds normally travel in different directions as stocks thrive on good news while bonds enjoy bad news.  The slight improvement in bond pricing allowed the 30 year fixed mortgage to remain at 3.625% today.