(RECAP: A surge in Fannie Mae, Freddie Mac and Ginne Mae agency mortgage bonds the last week of January may be what’s driving down the cost of mortgages this week. As analyst Stephen Gengaro notes agency bond values are being boosted by falling long term Treasury rates, driving down the cost of mortgages. Treasurys trading edged down in price at the open following positive economic data from the Eurozone. That trend reversed on negative sentiment on the nation’s economic recovery endured. Nonetheless, favorable market conditions persist, which should bode well for the bonds in the near term.)