October 15th Mortgage Market Wrap-up 4

Mortgage backed securities (MBS) closed down 9 basis points today at104.22 having remained in a tight trading range between resistance offered by the 10 day moving average and support offered by the 25 day moving average.  A lack of movement in congress spilled over to a sputtering bond market today.  With the government having been closed for more than two weeks now, the likelihood of ending QE3 any time soon is diminished.  The 30 year closed the day at 4.50%.