Mortgage backed securities (MBS) closed up 12 basis points today at 104.22 having remained above the 200 day moving average just 12 bps below. As stocks plummeted again today, one would have thought that MBS bonds would be soaring. The technical elements seized the day, however, as the proximity to the 200 day average held the bonds back. The 30 year was down to 3.625% today.
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