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February 26th Mortgage Market Wrap-up 3

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Mortgage and Lending with The Federal Savings Bank/Lending in 50 states NMLS # 109616

Mortgage backed securities (MBS) closed down 9 basis points at 103.47 having remained 20 basis points above the 25 day moving average.  Yesterday's strong advance saw MBS bonds crashing through fierce resistance.  Closing above that mark again today is a strong statement that bodes well for bonds in the short term.  It is not time to get giddy, however, as there are several even stronger resistance levels above which will slow their progress.  The 30 year fixed closed at 3.625% again today.

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