Mortgage Rates January 22, 2009

With an early 28bp decline we watched technical’s come into play as MBS ended the day up 12bp staling out at the first level of support. (See Real Time Mortgage Rates) Efficient Market Theory followers would tend to disagree on the technicals.  Given I am from the school of Technical’s; I forecast rates will come back down from the recent hike we have suffered.  The FED announced their MBS purchase number which accounted for $19B, which leaves $448B to go.  At this pace it looks as though they will spend $100B a month up to the June date.  This means YOU have 5 more months to get your Refi in.

In other financial news John Thain former NYSE Chairman and now former Merrill Lynch’s CEO’s decorating budget was reveled today after he was iced.  Reminiscent  of Dennis Kozlowski, the Greek party was blast, just had to be there!

Obama is holding true to making the government more transparent and bring the administration to the Web 2.0 world. Whitehouse.GOV is said to be much more searchable and has a blog, which could stand to be updated on a daily basis.  GovTrack has the most impressive feature, integrating up-to-date YouTube videos of Congress.

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