Rate Update December 23, 2008
Fixed mortgage rates are modestly worse this morning for the third trading day in a row.
Mortgage Bonds moved 110 basis points higher between Nov. 4th and December 17th (when they were at their peak). This recent reversal is not a surprise but we are still hoping that bonds can bounce off their current floor of support. If this can happen, we may see rates decrease again in the near future.
Current outlook: cautiously floating