The market really doesn't have a direction this morning as investors are waiting for the FED to make another cut to the Bank Rate. Other countries have already done it, and this decision is widely anticipated. Will it be the 1/2 point or will the FED leave the door open for another cut in December? This anticipation follows yesterday's furious frenzy that ended with huge gains for stocks and less of an appetite for government safety nets such as the 3 yr treasury which shot up in yield and the 10 yr note which also followed suit. Yield hasn't moved much from yesterdays close , up just one tenth to 3.83%. Rates did jump a bit yesterday, but 6.25% is still available at no buy down cost on the 30 year conventional.This afternoon's announcement may begin the barrage of repricing, and I would not think it would be for the better. Keep your eyes open later today.

In other news hot on the wires is the latest report on manufacturing activity for large tickets. This showed the largest gain in a full quarter, but it was primarily due to the transportation sector. Commercial aircraft orders were up and all those factory incentives on autos paid off for numbers, but profit suffered big on them. So did they actually make out overall, by sacrificing so much on each deal just to sell a unit?  Of course the consumer will say yes, so get while the gettin's good I guess. The next big question is, "when will consumer spending begin to buck the trend on staples needed for everday life?"....don't remember the last time I thought of buying a commercial aircraft.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSCATION