August 16th Mortgage Market Wrap-up 2

Mortgage backed securities (MBS) were down 12 basis points today in a volatile sessiion during which the bonds closed below support offered by the 100 day moving average.  There were early gains whiich preserved some reasonable pricing this morning.  MId afternoon, however, all those gains were lost and there was a call for a re-price for the worse.  I locked a client within 4 minutes of the re-price call and was still unable to catch the pricing I was targeting.  The 30 year fixed loan rose to 3.625% today.