Rate Update May 13, 2009

Fixed Mortgage Rates are even with yesterday.

Mortgage Backed Bonds have enjoyed a rally of about 100 basis points over the last three days and seem to be at about the highest levels they can get to without another a major breakthrough.  The past two times bonds have reached the current level, they have backed off considerably and Mortgage rates have suffered.  Now would be a good time to lock in on any short term transactions.

Current Outlook: Locking on short term transactions