Mortgage backed securities rallied big time today up a full point.  Even though price improved on mbs, we still had a few lenders reprice to the worse.  The main cause for this is to control the pipeline.  Rates should be much better then they are now, and the only reason we are not getting the improved rates is lenders have to much business.  Give it some time and these price improvements will find there way to our rate sheets, but most lenders today are under 5%.  This assumes excellent credit, and client paying closing costs and a point.

Be back to you tomorrow but we are still floating.