Rate Watch 12-30-2008

"Mortgage Bond prices declined yesterday afternoon and again this morning. GMAC received a $6 Billion lifeline today from the Treasury to help stave off bankruptcy or a shut down. Stocks are moving higher on the good news, which is pulling more money out of Bonds. In other news, Consumer Confidence came in at a record low of 38.0. This time last year, Consumer Confidence was at 88.6. So there's been quite a decline during 2008.Currently, prices look like they could fall further before attempting to make up any ground. Therefore, I recommend locking on loans that we need to close in the next couple of weeks."