Rate Update Febraury 18, 2009

Mortgage Rates are unchanged from yesterday.

Mortgage Bonds continue to battle a tough overhead resistance.  Again, they are backed up against the 25 and 50 day moving averages that they have bounced off the past few weeks.  It looks as though the Stock market will try to rebound after hitting it’s floor of support that was created back in November as the Dow fell to 7,552.  Looking at the technical patterns of both markets, it looks highly unlikely that bonds will move higher and prompt lenders to lower rates in the very near future.

Fed Chairman Ben Bernanke is speaking today at 2pm ET in Washington at the National Press Club.  As always, his words can impact the market so we will be sure to listen closely to what he says and how the markets react.

Current Outlook: Locking