The recommendation is a strong float until this trend breaks. Look for clues on the DOW and 10 year. Check back here also as we will be posting significant changes when we see them. but expect numerous improvements if this buying continues.
update as off 1:48 PM EST : the hits keep coming. We've pushed up 20/32nds on the day so far in the 5.0% coupon. Financials on Wall St are languishing at the moment, fueling concerns of further write downs, credit problems, and the federal intervention being too weak to turn it around. This is exactly what mortgage rates are hoping for. If the Fed announcement is not well received next week, we will be right back down to historic lows.
Stay tuned.... Lot's of emotion and reaction out there to digest... (what resource is getting this information to you this quickly?)