Mortgage backed securities (MBS) closed down a whopping 47 basis points today at 103.91 having fallen below the critical support level at 104.06 which they had only fallen through once this year. some good economic news forced money out of bonds into riskier stocks today putting the MBS market is precarious position. Although our short term posture now favors locking we still think a long term float is appropriate. The 30 year fixed conforming rate popped up to 3.625% at day's end.
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