12/22/09

Good morning. It was not a good day for interest rates yesterday. Some traders blamed a rallying stock market, thin holiday trading done by “the B-team”, few buyers ahead of year-end, or the chance that next week’s auctions will be poorly received.
Today we’ve already had some news out. The final revision to the 3rd Quarter GDP numbers came out which showed that the U.S. economy grew at a much slower pace than initially thought. Is that mortgage rates? Nope. This morning rates are worse by another 1/8%. At 10AM EST we’ll have Existing Home Sales. As they say…”You better watch out…you better not cry…