April 3rd Mortgage Market Wrap-up 3

Mortgage backed securities (MBS) closed up 31 basis points today at 103.50 having moved up nicely toward resistance offered by the 200 day moving average just 35 basis points above.  The long green candlestick is a warming sight for those waiting to lock.  The fact that bonds closed almost at the high of the day is an excellent harbinger for sessions to come.  MBS bonds benefited from a poor jobs number put out by ADP.  Keep in mind that ADP has a history of missing its mark on its jobs estimate.  We will see what tomorrow brings.  The 30 year conforming ended that day at 3.625% once again.