Rate Update January 12, 2009

Fixed mortgage rates are even with Friday.  

 There is no economic news set for release this morning so bonds will be reacting to the stock market.  Today marks the 1st day of 4th quarter earnings season which probably won’t be pretty for most companies.  If money is pulled from the stock market due to these reports, mortgage bonds may improve.  Also helping bonds, would be the continued purchase of mortgage backed securities.

 Technically speaking, bonds are in the middle of a pretty wide trading range right now, so I won’t be surprised if we see some big swings either up or down in the coming days.  The best play here is to be patient if bonds fall in value…but be ready to lock in any large gains.    

 Outlook:  Floating

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