November 14th Mortgage Market Wrap-up 3

Mortgage backed securities (MBS) closed down 12 basis points today at 104.75 having opened down a gap and fallen below important support previously offered by the 25 day moving average.  MBS bonds will now have the 50 day moving average as support just 4 basis points below.  We are still advising to float rates for now and will continue to do so unless further levels of support are breached.  Tomorrow we will ba able to measure inflation as the CPI will be released.  The conforming 30 year fixed rate was at 3.50% today.