Stocks continue the rally from yesterday into today's session. Investors are optimistic about Friday's upcoming release of employment data based on ADP's (major payroll company) report suggesting an 'upbeat' tone. After a drop in OIL prices early, a new report states that US supplies are down and now crude is moving back up. But, this increase is not bringing the market rally down as the Fed has extended it's Bank borrowing program further assuring market investors that banks won't have liquidity problems. President Bush has also signed the Mortgage relief Bill and this has also helped todays sentiment.

Bonds have taken a hit as a consequence of the market rally as the TNOTE yield rose earlier past 4.10% and is now trending near 4.08%. This is up from last night's close of 4.04%.

"PAR" Rates are currently in the 6.25-6.375% range for 30 yr terms and at 6% for 15 yr terms. I would expect another increase this afternoon of roughly .125% as this rally continues.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION