Tuesday 3/10...Late Day Update

Mortgage backed securities traded in a pretty tight range today and closed down about .125 in discount from the previous day which was the same level when lenders put out rate sheets.  No lenders issued reprices for the worse today so rates at close where they same at open.

The treasury auction today went pretty well, but treasuries sure lost big today.  It's always a bad day when mbs move lower in price(lower price, higher rates) but all in all we had a pretty good day.  The stock market closed higher by almost 400 points and the 10 year treasury moved to a yield of over 3.00.  So, for mbs to only be down a few ticks is a promising sign.