July 5th Mortgage Market Wrap-up 2

Mortgage backed securities (MBS) closed up 19 basis points today at 105.47 having bounced up to and landed on the next level of resistance.  Having done so, MBS bonds closed at the highest level of all time.  This was not an easy achievement with the bond as overbought as it is.  Stocks were up an down throughout the session but MBS remained in the positive.  We are advising clients to lock in advance of tomorrow's jobs report as volatility could arise depending on the outcome.  The 30 year rate was at 3.625% today.