Mortgage backed securities (MBS) closed down 9 basis points today at 102.06 having once again fallen through support offered by the 100 day moving average but this time closing 1 point below it. The fact that the bond was not able recover and close above that average bodes poorly for short term trading. I continue to cautiously float for loans closing in the near term. The 30 year conforming remained at 3.75% today.
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