April 18th Mortgage Market Wrap-up 3

Mortgage backed securities (MBS) closed up 9 basis points today at 104.25 having remained in safe channel above the double support offered by the 100 and 200 day moving average and just 13 basis points below the next resistance level above.  After moving slowly over the past few weeks of rising MBS bonds, mortgage lenders have started to let their interest rate offerings float in accordance with the underlying bonds.  As a result of that I was seeing rates at 3.50% and even a couple at 3.375% today for the 30 year conforming loans.  I do not expect rates to go much lower from here, but who knows for sure.