Rate Update February 4, 2009

Fixed mortgage rates are slightly higher than yesterday.  

 Mortgage Bonds have already traded in a 60 basis point range this morning and saying that the market is volatile right now is a large understatement.  Friday, the monthly jobs report will be released so we will be keeping an eye on what that number turns out to be and how the market reacts.  Being that the bond market has moved so much without any economic data in the recent days, it won’t be surprising if we don’t even notice the effects of the jobs report however.   

 Current Outlook: Cautiously Floating.