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Although the give and take wasn't quite as drastic as yesterday's, once again we saw prices travel in a confined range with an almost symmetrical pattern. Once again we had economic data that could be interpreted either way and a stock market that did not make a decided move in one direction or another. "Waiting for Guidance," "Range-Bound," etc... Call it what you will it was a mostly uneventful end to a mostly uneventful day. 3 and a half hours ago we said: "Trading has been range-bound in 4.5's between 99-12 and 99-03 with the later emerging as the today's clear choice for a support level..." ...

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...

Best 30 Year Fixed PAR Rate: 5.625% Lock Recommendation: Cautious Float A lot of economic released today, but none of it earth-shattering. Mortgages rates are finding slight support from what is generally perceived to be a weakening market. The DOW is currently struggling to hold it's gains from yesterday. Unemployment report was up slightly, and new home sales are down. On a positive note, the GDP came in as expected and Home prices came in slightly higher than expected. That home price information...

30 YEAR FIXED NOTE RATE = 5.75%Daily quoted rate is always the closest to the PAR rate from our best lenders. It can include fees depending on how you structure you loan. It also depends on qualifications.

BEST RATE OF THE DAY: 5.75% with a 5.99 APR LOCK RECOMMENDATION: Rates are well below their 50, 100, and 200 day moving averages. So although rates may continue to get lower, our lock recommendation is strong: "Lock em if you got em!" Don't expect a lot to happen today. The last five times that the Dow was down the Wednesday before Thanksgiving, it was up again the Friday after. So the current 100+ point gain is to be expected and trading is light. There is not a significant impact to bonds despite...