Moving Forward

As anticipated today's rates are not as favorable as yesterdays rate sheet, and currently the secondary market is flat, although it should be noted we make up some ground early this morning after gains and then a retraction in the 10 year treasury note. With the economic calender quite for the day, and other news will most likely dominate the marketplace - NCAA basketball tournament and the health care bill - and it will be a slow trading day. Even though this is how the day seems to be lining up, we should all remember that it is Friday, a day notorious for profit taking.

We made up good ground early this morning suggesting the bears are not ready to make a move on the MBS, regardless if treasurys found their legs, this day could turn red quickly. If this happens it would make for an interesting Monday. But it hasn't happened, at least not yet, and as of now this is simply a worst case scenario we should consider and be prepared to handle.

While some loan officer may be off watching March madness, your truly is on the frontlines making sure our markets behave, and cases currently moving forward continue to do so. It is important to note that in this market it only takes a one day for things to turn ugly and if your loan officer is not carefully monitoring your case all the way to closing things could turn bad. This is a perfact day to make sure your agent is hard at work. Give them a call, ask for an update, go into some detail about your loan.