Empire State Index Plunges, Rates Down

Rates were down this morning, bonds slightly higher on weak economic data. Rates could drop by .25 to price. The New York Fed's Empire State Index, a measure of manufacturing activity in New York, collapsed to its lowest level in 4 years today, to -11.72 from where it was at 9.03 in January. Consumer confidence fell more than expected this month, hitting a 16 year low according the preliminary January Consumer Confidence Index from the University of Michigan.

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Mortgage Rates Volatile, but Flat

Lots of volatility today, reflecting the equity market volatility.

Mortgage Rates Stuck Again

Although mortgage rates descended to a new low in the past week, they are now stuck at these new levels.

Strong Black Friday May Lift Mortgage Rates

Off a stronger than expected Black Friday and weekend of holiday weekend retail sales mortgage rates may lift.

Mortgage Rates Down 0.75%

Mortgage rates dive nearly a full percent. The 30-year fixed-rate mortgage drops to 5.5 percent in one of the largest single-day dips since 1988.

Mortgage Rates Flat

Mortgage rates closed last week relatively flat. You can expect a similar result on this short week.

Mortgage Rates Will Move

Expect significant mortgage rate movement today with the release of CPI.

Mortgage Rates Drop

Mortgage rates drop again for the second straight week.

TARP Redirect Plunges MBS

US Treasury Secretary Paulson's sharp redirection on the objective of the TARP funds had a dramatic effect on overnight markets and the MBS market.

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National Rates

Loan Type Today
30 Year Fixed   5.22
15 Year Fixed   5.17
5/1 Adjustable   5.65

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