June 6th Mortgage Market Wrap-up 3

Mortgage backed securities (MBS) closed up 31 basis points today at 100.66 having passed through resistance offered by the 100.53 level on its way to passing through the 101.00 level prior to being repelled back down late in the day.  Nevertheless this is still a positive signed for the 3.0% coupon bonds which had been brutally bludgeoned in recent sessions.  It was unusual to see such a decent advance the day before the governments jobs numbers are released.  Traders normally play close to the vest on such days.  The 30 year closed the day at 4.125%.