Today’s Rate Recap.

Navigating in today's market has become so tough.  Lock, wait don't lock.  It seems we are in Vegas daily and I hate gambling.  The tables today were no different as all the gains we all enjoyed over the past several days came to an abrupt end.  With the stock market rallying on upbeat earnings news it was inevitable that the bond market would falter and today it did.  To be more specific, the FMNA 30-year 5.5% Fixed Rate Mortgage backed security which seems to be the biggest indicator of rates opened at 100.15625 and dropped all the way down to 99.75 at close forcing many lenders to re-price for the worst.  Today's drop took us below the 25 day, 50 day and 100 day moving average.  We are locking everything we have, but this is a very volatile market and we could see a rebound tomorrow.  Even with most experts looking for that rebound our shop will continue to lock with the 200-day moving average looming 130bp down.  At the end of the day this is my rant on what the market looked like for us today and hope tomorrow starts and ends better for all of us.