Rate Update January 13, 2009
Fixed mortgage rates are unchanged this morning.
Mortgage backed Bonds remain in the middle of a wide trading range but have not shown much movement since getting there. We will again keep our eye on the stock market as it has lost 500 points in the last 5 days. IF stocks rally at all, this could bring mortgage bonds down causing mortgage rates to suffer. Combating this will be the continued purchases of Mortgage Backed Bonds that the Fed has been exercising.
Outlook: Cautiously Floating