November 17th Mortgage Market Wrap-up

By
Real Estate Mortgage Broker with Annie Mac Home Mortgage

Mortgage backed securities (MBS) closed up 16 basis points today closing at 98.72 having crossed through tough resistance at the 200 day moving average before falling into the negative and then rallying near the close.  A bond friendly consumer price index reading of just a .2% increase in inflation should have been enough to keep traders happy.  A letter sent by Republicans to the Fed, however, decrying the negative inflationary effects of QE2 provided for some drama during the day. 

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