Although we did have mid day reprices yesterday, we've given back some of those gains this morning and mortgage rates have held stead for the third day in a row.

Economic news from the street is mixed today with pending sales being the biggest surprise, down even more than the expectation.  Certainly this is continued bad news for the housing market.

Stocks and Bonds are flat this morning.  Consumer credit announcement this afternoon may have some impact, but probably not much.  Keep an eye on stocks to gauge market direction.

As I always advise when rates are at the very bottom of trading range, locking is the safest bet even though floating has a moderate chance of paying off.  We've sustained low market levels for 3 days now.  Either the bulls will find what their looking for in the coming days and rates will go back up, or the bears will keep control and we'll be the same to lower.  Either way, I would expect some movement either later today or in the coming days.  statistical analysis indicates higher likelihood that stocks will move back up in the short term.  Locking is the safe bet.

You can find 5.375% PAR NOTE RATE again today.