January 3rd Mortgage Market Wrap-up 7

Mortgage backed securities (MBS) closed down 10 basis points today at 102.34 and came to rest 224 basis points below the 200 day moving average.   The MBS bonds which had been down 44 basis points early in the session did well to recover much of the early loss.  The 30 year was at  4.25%  once again today.  If you have a rate of 5% or more it is still not too late to refinance; especially for those jumbo loans.  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.