July 25th Mortgage Market Wrap-up 2

Mortggage backed securities (MBS) close down 6 basis points today having finally fallen from the highest close ever but still remained in rarified air.  Stocks made some gains today as there was hope the plans being discussed to bail out Spain would come to fruition.  A $35 billion dollar auction also commanded the attention of traders who wobbled under the pressure of the thought of so much additional debt.  The auction earned a poor D+ rating.  The 30 year fixed was available to 3.375% again today.