TGIF! Mortgage Market Update for Friday, November 16, 2007

By
Mortgage and Lending with FAMILY HOME LOANS

TGIF!!!!!

Well, it's the Friday before the Thanksgiving holiday so I think I can officially turn my holiday lights on outside :)  Oh you just KNOW I had them up last weekend!  I just thought it was a little early for me to turn them on.....but now....I'm good! :)

Closing out the work week.....

On the economic front, Industrial Production and Capacity Utilization, which measure the change in industrial output, were reported close to expectations and remain a bit below levels consistent with inflationary pressure.

Mortgage Bonds have been experiencing a little bit of an upward trend and we have been giving a "floating" stance.  However, closing out the day, mortgage bonds have dipped down to -21 basis points.  As a reminder, when they drop below -16, we usually see an intraday rate increase.  I saw the stock market bounced back a little bit today so it's taking a toll on bonds.  I am ultra conservative and definitely not a gambler so I have suggested that my pipeline lock today - better safe than sorry!

As of 4:40 pm today we are offering a 30-year fixed at 6.375 with NO points. 

Have a GREAT weekend!

Santos

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