Market Snapshot

As of 1:06 PM stock have lost their early gains and the DOW is now down 20 on corporate earnings reports and continued uncertainty in Europe. The Fannie Mae bond is currently up 44 basis points. I have already posted one rate improvement this morning and it's very likely if the current bond price holds that another improvement could be forthcoming. Remember, stocks and bonds compete for investment capital...when stock values rise, bond prices typically go down and rates go up. Today stocks are waning and mortgage interest rates are the benefactor.