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Today's Rate Volatility: HIGH What happened yesterday? Mortgage backed securities (MBS) lost -19 basis points from Monday's close which caused 30 year fixed rates to increase for the day. The benchmark FNMA 4.0 September mortgage backed security (MBS) has traded in a fairly narrow range (30BPS from our highs to our lows). MBS retreated from testing the overhead resistance located at our 10 day moving average and traded in the -20 to -30 BPS range for the entire day as traders were unwilling to bid up the price. There were no major economic releases for the second straight trading session. We did have a 3 year Treasury auction. Results: $31 billion, 0.913%, with a bid-to-cover ratio of 3.29. While these are some nice results, it is too short term of a note to impact longer-term bonds. What is on the agenda for today? Don't miss out on the mortgage industry's premiere insight and commentary. Subscribe to RateAlert Executive today and get today's lock advice, complete market commentary and forecast for today, and watch the full Morning Coffee Update video with Bryan McNee - all available only to our Executive subscribers.