Todays market Update

Today's Market Update- Thursday September 10th, 2009 1:05 PM ET
Current Trend Direction: Bond Prices Higher-Interest Rates Lower
Risks favor: Carefully Floating
Current Price of FNMA 4.50% Bond $101.22, - +53bp

Mortgage Bonds are higher on the heals of today's auction of 30-year bonds. The auction went of slightly better than expected. This week's auctions have gone rather well and have showed decent foreign appetite for our Bonds. This may not last very long as interest rates around the world begin to tick higher, offering investors a more attractive place to put their money, which in turn would force the US to offer higher rates on our Treasuries in order to compete and attract investment.
With the summer now behind us and the kids back in school, it's time to take care of the thing's we have put off. This is an excellent opportunity to obtain some of the lowest mortgage rates seen in a while.
We continue to cautiously float rates here.

30 Year Fixed Rates
4.99% APR 5.013%- No Points

30 Year Fixed No Income Check
5.625% APR 5.65% - No Points

30-Year Jumbo Fixed Rates to $729,000
5.25% APR 5.263% - No Points
5.00% APR 5.013%- 1 Point

30-Year Jumbo Fixed Rates to $1,000,000
6.00% APR 6.01%- No Points

5/1 Jumbo Arm to $1,500,000
4.50% APR 4.54% - No Points

7/1 Jumbo Arm to $1,500,000
4.875% APR 4.69% - No Points