Rate Update March 2, 2009

Fixed Mortgage Rates are even with Friday.

Stocks are trading lower again today on the fears that this recession isn’t yet at its worst.  Mortgage backed bonds are trading a bit higher on the day but haven’t taken off like we would expect with a sell-off in stocks.  This is because bonds are still fighting heavy resistance at the 25 and 50 day moving averages.  There is still some room for bond pricing to increase so we will continue to float here, but that can change in a moments notice if the stock market makes a turnaround.

Current Outlook: Cautiously Floating