February 4th Mortgage Market Wrap-up 7

Mortgage backed securities (MBS) closed up 6 basis points today at 104.75 having remained above support offered by the 104.50 level and just 12 basis points below resistance at the 104.87 level.  With stock prices bouncing around like a pinball machine it is hard forecast the short term direction of bonds.  I would encourage locking while rates are so attractive. The 30 year remained at 3.75%today.