Last Updated: 12/19/2007

Wednesday's bond market has opened relatively flat with no relevant economic news posted this morning and early stock gains. The stock markets are showing modest strength during early trading with the Dow up 46 points and the Nasdaq gaining 10 points. The bond market is currently up 2/32, which should improve this morning's mortgage rates by approximately 0.125 to 0.250 of a discount point. There is no relevant economic news scheduled for release today. Today is the first of the four special auctions that the Fed announced last week that are intended to add more liquidity to the markets. However, I don't suspect that the auction will directly affect mortgage rates at all.