July 11th Mortgage Market Wrap-up 5

Mortgage backed securities (MBS) closed up 19 basis points today at 102.44 having crept ever closer to resistance offered at the 102.72 level.  With MBS bonds now solidly above the double support offered by the 25 and 50 day moving averages, we can carefully float into Monday's session.  The jumbo fixed is still at  a remarkably low 4.125% while the conforming sits close to 4.25%.