August 11th Mortgage Market Wrap-up 6

Mortgage backed securities (MBS) closed up 44 basis points today at 104.00 have crossed above the 100 day and 200 day moving averages during the session before coming to rest just 9 basis points below the 200 day moving average.  An awful day in the stock market precipitated by Chinese cutting the value of its currency roiled world markets.  Whether these high levels can be sustained, but lock and purchases and refinance tomorrow if you can.  Both the conforming and jumbo 30 year loans were at 3.875% for purchases today.