Rate Update October 23, 2009

Mortgage rates appear poised to move higher this morning.

Better than expected profits from Microsoft and Amazon coupled with better than expected housing sales figures gave the mortgage-backed bond (MBS) market a jolt lower this morning.  Currently MBS prices have dipped below the all-important 50 & 200 day moving averages.  With this technical trading pattern mortgage rates risk moving sharply higher.

Current outlook: locking