Mortgage backed securities (MBS) closed down 38 basis points today at 103.66 having fallen through the double support level formed by the 50 and 100 day moving averages. Yesterday's nice advance turned out to be too good to be true. Today's large red candlestick shows the sorry picture all to boldly and worse still shows us that the bond closed at its low of the day. The 4.50% rate was available to premium borrowers today.
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