April 24th Mortgage Market Wrap-up 3

Mortgage backed securities (MBS) closed up 6 basis points today at 104.25 having remained once again in the safety zone above support offered by the 100 and 200 day moving averages and below difficult resistance levels of previous highs in the market place.  Despite a sell off in all three major stock exchanges, MBS bonds managed just a small gain today.  The auction of $35 billion 5 Year Treasuries garnered just a "C+" rating.  That probably put somewhat of a lid on any advances the MBS bonds made.  The 30 year fixed closed at 3.50% once again today.