Friday's Bond Yield was up a bit driving rates up on Friday as short term's were sought after, but longer terms were being sold to reap any profit after another HISTORIC week on the Street. It seems like each week brings HISTORIC news and this week will feature a widely predicted Fed rate cut down to 1%. Expect more wide swings in anticipation of the Fed action. Longer term treasuries are the early week's expected buys, which should benefit rates, at least until the the Fed announcement. 10 Yr yield fell by a full tenth of a point after Friday's close,and I would think it will open lower this morning. There may be window of opportunity to lock in the next couple days, so keep your eyes out.

In other news, OPEC's production cuts did not stem the decline in oil price trading and it appears for once that OPEC does not really have the ability to control pricing by production cuts. AT LEAST IN THE SHORT TERM!! They have already strongly hinted at announcing another cut when they meet again in December. BUT, it doesn't appear that a cut then would do much to alter prices either, based on the scope of world consumption (especially the US). How's this for a mind blowing figure that is on the Wires this morning...Americans drove 5.6% less, or better yet, 15 BILLION less miles in August 08 than in August 07!!! It was the largest single month drop since stats started. HISTORIC! There's that word again. If consumption remains at these lows the old economic adage of "supply and demand" will resonate loudly. It is amazing though that it took such bleak economic times to get control back over OPEC and over a GAS GUZZLING PLANET. Can it last? That's the next big question. To a large extent, consumers do have control over some big economic factors. This is being seen with every HISTORIC piece of news being reported each week.

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