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rates are up and stock market is down.  Interest rates on 30 year fixed mortgages are in the 4.875% -5.125% range.  These numbers depend on cash out transactions/ credit score /loan to value etc.15 years are trading between 4.5%-4.75%. 

Investors have renewed fears about Bank of Scotland, Citibank and Bank of America.  The traders were really waiting to hear something from Obama via the inauguration speech about fixing the economy but they heard nothing new and sold out.  I think the mortgage rates could come back a little but a couple things need to happen.  The government needs to keep buying the mortgage backed securities because without demand.. rates will stay higher.  Also the banks need to become stable.. eventually mortgage backs are bought by various banks and as long as they are deeply in the red.. the only real buyer for mortgages is the government.

Rates are still extremely good.  Again- we are still seeing at some of the best rates we have seen.  If it makes sense to refy- or you have an arm that will adjust- review the options and make a move.  The market moves very quickly.  I would rather be disappointed if rates go down.. versus mad and---x!*! if they go up and i missed it.

Thanks for reading