February 24th Mortgage Market Wrap-up 7

Mortgage backed securities (MBS) closed down 16 basis points at 104.66 having fallen away from resistance and nearly fallen down to support offered by the 25 day moving average at 104.60 prior to closing just 6 points above.  MBS bonds which were off to a great start this morning as stocks were taking a beating.  When stocks turned around, however, they sold off.  The 30 year was at 3.75% today.