Mortgage backed securities (MBS) had a second straight gain today albeit tiny. MBS bonds closed up 6 basis points today at 103.47. The reason for the large variance from yesterday's closing figure is that we are now following the 3.5 coupon bond in reaction to the interest rate increases. The 30 year remained at 4.00% today. Whether in New England, the Mid Atlantic or the Midwest or anywhere else in the U.S. history tells us it is time to refinance!! Please call at 203-981-8282.
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