11/3 Market Close

Sorry for no report this morning.  Spent most of the day traveling.  Tomorrow I will try to get a report out during the day at some point but there will be only one due my travels.  Mortgage backed securities had a roller coster day.  Things continued positive from the close yesterday with rates improving today.  At 2:15 the Fed announced it would purchase between 850 to 900 billion in treasuries which will help interest rates.  Initially the bond market had a negative reaction and rates inched up because the time frame of the purchases.  This purchase program will last until June of next year or through the 2nd quarter.  Investors were wanting to see a shorter term so bonds had a hissy fit for about an hour or so.  All things being equal, look for mortgage rates to remain low through middle of next year.  Have a great evening!!