July 30th Mortgage Market Wrap-up 5

Mortgage backed securities (MBS) closed down a whopping 47 basis points today at 105.12 having fallen through three levels of support in one day after trading in a 56 basis point range.  When word came out this morning that the 2nd quarter GDP was up by 4.0%, bonds took a heavy hit.  The 30 year fixed rate was up to 4.50% after an alert to lock was issued.