January 24th Mortgage Market Wrap-up 3

Mortgage backed securities (MBS) closed down 25 basis points today at 104.09 having come to rest just 3 basis points above the critical support level at 104.06.  MBS bonds had actually fallen through that support during the day before closing barely above it.  Good news in the way of further reductions in the number of initial jobless claims shifted money from bonds to higher risk investments like stocks.  It is probably prudent to lock in the short term.  The 30 year fixed rate was at 3.50% again today,