For the most part rates are unchanged this morning.
There is not much in the way of economic data set to be released today so the financial markets will be listening for the testimony given by Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke on Capitol Hill. The two of them will be meeting with congressional officials today to try and win support for the government’s massive $700 billion bailout plan.
We expect continued volatility throughout these negotiations which are expected to conclude by the end of the week. Talk of the $700 billion plan is pressuring the US Dollar lower which is a bad signal for mortgage rates.