Mortgage Market Wrap-up 4

Mortgage backed securities (MBS) closed up 22 basis points today at 102.81 having soared during the day above the 50 day moving average  prior up to 103.40 prior to selling off during the day.  News that firebrand former Harvard president Larry Summers had withdrawn from contention to be the next Treasury secretary, sent bonds and stocks flying this morning.  The news meant that current FED member Janet Yellen would likely be nominated to the role to replace Ben Bernanke in January.  The 30 year fixed was available at 4.625% today.