A solid day of gains... and INTERESTING Headlines

Today is a day of bullet points... First off, our market improved today up 13 ticks which will lead to better pricing. This is great news considering we were in a downward trend. If these gains hold we may be able to safely say "not any more."

Expect there to be resistance in our market moving forward. It is going to be difficult for rates to move any lower to due current mortgage backed security prices. 103.00 is a strong level of resistance, one we have bounced off of before, and will probably do so again. Currently we closed at 102.31, one tick away from 103... and our market (green) flatlined. You can draw your own conclusions.

Headlines: Fannie and Freddie stock have now been removed from Wall Street and are pink stocks trading under a dollar. WOW...

Headlines: Senate Extends Housing Tax Credit... this is not entirely true, the proposed a bill to vote on an extension - very different. Moreover it would only extend the the credit for those that were in contract as of April 30th of this year, giving them an additional three months to close. Welcome relief to some frantic escrow officers I am sure... that is if it passes. The next couple of days will iron this wrinkled mess out.

Headlines: 500+ loan originators arrested by an FBI sting cracking down on mortgage fraud. This is all I know, but the point is it is real... any of you agents thinking it might be a good idea to back date a contract to take advantage of this possible tax extension think again. I for one don't plan on looking over my shoulder for men in black.

Clearly an interesting day in the market. Tomorrow will be interesting as well considering we are teetering on the our line of resistance.