Rate Update Febraury 23, 2009

Mortgage Rates are slightly higher than Friday.

Mortgage backed securities continue to bounce off the 50 day moving average every time they reach it.  This has caused a pretty narrow trading range with interest rates either at 4.875% or 5.00% for the last couple weeks.  Until bonds are able to break out of this trading range, I expect more of the same this week.

Current Outlook: Locking

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