Rate Update March 24, 2008

Last Thursday we identified that mortgage-backed bonds were trading up against strong technical resistance and that we’d likely see mortgage rates move higher. Indeed that pattern is playing out this morning as mortgage-backed bonds fall under selling pressure.

Adding to the pressure is strength in the stock market after news broke that JP Morgan Chase will quintuple its offer price of railing investment bank Bear Sterns.

Current Outlook: Locking

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