Rate Watch 1-26-2009

Alert to Lock:
"Mortgage Bonds start the week somewhat unchanged and continue their sideways trading pattern.Existing Home Sales surprisingly came in a bit better than expected. Perhaps the current low interest rate environment - combined with firesale prices on many homes - is helping more homebuyers make their purchasing decisions.The employment environment continues to be shaky. Home Depot announced a cut of 7000 jobs, Caterpillar announced they will be laying off 20,000 and Sprint is cutting 8,000 employees.