October 29th Mortgage Market Wrap-up 5

Mortgage backed securities (MBS) closed down9 basis points today at 103.31 having remained below resistance offered by the 103.44 level and above support at the 25 day moving average.  The Fed's announcement today that they would end QE III, the program of buying U.S. Treasuries and MBS bonds was expected.  The bond fell on the news and the 30 year fixed remained at 4.25%.