January 25th Mortgage Market Wrap-up 6

Mortgage backed securities (MBS) closed up 22 basis points today at 104.22 having broken through and closed above two resistance levels offered at the 104.03 and 104.21 levels.  This was a nice move into higher territory and could bode well for mortgage rates in the short run.  Now above all the moving average the next resistance level is at 104.40.  The 30 year was at 3.75% today.