Well, I expected sell off yesterday but not 5% off the DOW! This is just another sign that the election euphoria is seriously overshadowed by the reality of where the Country is at right now and how deep rooted the problem is. We are seeing more economic news today showing higher unemployment and weak retail sales. Overseas Bank rates are being adjusted in response to the recent fed drop. This is truly a Global situation. President Elect Obama will certainly have his work cut out for him come January. Investors just can't seem to jump on the buying train and won't until Americans show them signs that trends toward spending are increasing. Those signs still appear to be off in the future.

There is a piece of good news that shows up today. Oil is once again down based on huge swings in oil surplus reports, in particular gasoline. Hey, I paid $2.69 yesterday. That's the cheapest I've paid there in quite some time.

This type of market sell off also bodes well for Treasuries, as we know that "generally" there is a large increase in buying interest as these notes have Government backing and are considered to be safety nets. Treasury yields all decreased yesterday as buying spurts increased. The 10 yr note closed down to 3.71% from it's open at 3.73%. This mornings open has it below 3.70%. This is also "generally" good news for rates and may create an opportunity to lock to your advantage. Yesterday featured several pricing changes, before 30 yr fixed settled at 5.875% and 15 yr fixed at 5.5%.

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