I never thought I'd see rates on a 30 year fixed at 5.25% with no buydowns. These are unprecedented rates as a result of the TNOTE yield also making history below 3.00%. Friday's yield on the 10 year note closed at 2.957%, and opened at 2.883%. It is currently trending at 2.80% range.

The stock market has opened way down partly because some profit taking was due to occur based on the multi-day run up last week. However, investors are remaining cautious even after a fairly robust start to Holiday shopping. Shopping volume was up over last year, but with the huge markdowns just to get folks in the door, profits will most likely suffer when all is said and done.

Today brings a couple of economic reports. It would appear, however, that investors have already built these anticipated reports into their trading appetite for the day. The most recent report on manufacturing activity and the report on construction spending are both predicted to show further retraction, once again emphasizing that this recession continues and has expanded globally.

So while stocks continue to reel from the economic misery, the opportunity now exists for those who have been waiting for record low rates to act. Now is the time. Call me to get to out of your ARM now.

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