February 10th Mortgage Market Wrap-up 5

Mortgage backed securities (MBS) closed up 23 basis points today at 105.16 having broken through resistance offered by the 105.00 level.  The bond closed at its high of the day which is normally a positive sign for the short term trading future.  With Janet Yellen testifying before Congress tomorrow, however, bonds may have to work hard to stay at that lofty level.  The 30 year was at 4.375% for a while today.