January 28th Mortgage Market Wrap-up 7

Mortgage backed securities (MBS) closed up 12 basis points today at 104.47 having broken through and closed above resistance offered at the 104.40 level.  What is more surprising it that this feat was accomplished on a day during which stocks showed modest advances.  Each time the bond has reached these levels in the last 6 month a large sell off has ensued.  The 30 year remained at 3.75% today.