Mortgage backed securities (MBS) closed down 25 basis points today at 104.25 having once again fallen below support offered briefly by the 200 day moving average. The last five day the 4.0% coupon MBS bond has been acting like a yo-yo bouncing above and below what is now tough resistance. Fear that the FED would further taper its program of purchasing MBS and government paper caused the selling. The 30 year remained at 4.50% today.
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