No economic reports will be released today and the bond market closes at 2pm est.  Currently mortgage backed securities are down about 5 ticks from close on Wednesday in very low volume.  Days like today are historically very low volume with most traders taking the day off and leaving junior traders in charge.  So, today’s trading needs to be discounted and the real action will be back on Monday. 

If you did not lock earlier this week, floating til next week is a good call.  Lenders will price their rates sheets very conservatively, if they price at all.  A lot of lenders will be closed.  

This has been a good week for mbs as mortgage rates have finally moved into the low 5% range for a 30 year fixed.  We have been predicting low rates for some time and it is nice that it is starting to come true.