Mortgage backed securities (MBS) closed up 28 basis points today at 103.62 setting a new record yet again today. The variancee in the closing level since Friday is due to the fact that we did switch over to the 3.0% coupon today. If you remember Wall Street typically adds about 75 basis points to the pricing of bonds when they are securitized. That represents their profit. Therefore the 3.50% coupon was no longer reflective of market pricing. The 30 year remained at 3.5% today.
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