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The pending home sales figures were released at 7AM this morning and are usually not a big mover of markets. Pending sales were up slightly at .6% month over month, but down 18.4% year over year. In other gloomy news, the National Association of Realtors only expects sales to increase by .5% in 2008. Although the 10 year note has ticked up to 4.13%, Mortgage Backed Securities remain relatively unchanged from Friday afternoon. As such, I don't expect much movement in Mortgage Rates today. Due to losses...

30 YEAR FIXED NOTE RATE 5.5% LOCK RECOMMENDATIONS - LESS THAN 2 WEEK CLOSING ................ LOCK - 2-4 WEEK CLOSINGS. ............... FLOAT - 4+ WEEK CLOSING ................ FLOAT - CONSERVATIVE CAVEAT ................ RATES ARE AT THE BOTTOM OF TRADING RANGE. CONVENTIONAL WISDOM BASED ON TECHNICAL DATA SUGGESTS LOCK After reviewing data from yesterday, and seeing this morning's cautiousness in the markets, I am revising my recommendation to LOCK this morning. Of particular concern is the ADP...

30 YEAR FIXED NOTE RATE = 5.5% LOCK RECOMMENDATION: < ONE WEEK = LOCK > ONE WEEK AGGRESSIVE = FLOAT > ONE WEEK MODERATE = FLOAT > ONE WEEK CONSERVATIVE = LOCK The Institute for Supply Management released it's index this morning. Though the 50.8 reading was a small amount higher than expected, it was down .1% from October. This is the slowest pace of growth in 10 months. That is good news for bonds. Good news for bonds is good news for mortgage rates. In addition, Corporate profits are...