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The day will start with rates down approximately 1/8 discount point or so. Bonds held strength during most of the day yesterday showing a slip late in the day. This will most likely lead to a small increase later in the morning. The TNOTE yield was up late Tuesday but still below the 4.00% mark. This yield increase will most likely continue this morning, consequently the rate increase.

After a $9 decrease in oil prices in the past couple days, oil is back up due to Iran firing "test missiles" to let the US know that it will stand ready if threatened by Israel or the US. This oil spike along with Alcoa reporting better than expected results with a 24% DECLINE in profit is setting the market for a higher open. It's amazing that a decline in profit can set a positive tone for the day. Also adding to the upbeat tone was a series of speeches Tuesday. When real market news is light, comments made by folks like the Fed Res Chair, the Treasury Secretary and a CEO of a Major Financial Institution can weigh heavily on investor sentiment. All statements made yesterday signal a possible recovery of the financial system.

So, we may back on upward swing in rates, but KEEP IN MIND THAT SWINGS WON'T BE SIGNIFICANT AND RATES WILL STILL BE VERY LOW.THIS IS A GREAT TIME TO PURCHASE OR REFINANCE.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL BEFORE LOCKING YOUR RATES.

It is unlikely that the stock market will continue it's rally as GDP came in a good deal under expectations. To top it off, contrary to ADP's upbeat reports on their client's payroll data, weekly claims far exceeded predictions now raising concerns that tomorrows July monthly overall will sway from the level anticipated. Weekly claims were the highest in 5 years.

But, hey there is good news (if you can call it that)--BIG OIL GETS BIGGER-Shell, BP, Exxon Mobil ALL had record profits.

Todays rates should reflect BOND STRENGTH as the 10 YR TNOTE has dropped significantly from yesterday's levels over 4.10%. Premarket levels are now below 4% at 3.97%. I would think that we will see corresponding rate drops this morning, bringing rates back towards 6.25% PAR range on 30 yr terms. It could go lower if the BONDS stay where they are now.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTIONS

Stocks continue the rally from yesterday into today's session. Investors are optimistic about Friday's upcoming release of employment data based on ADP's (major payroll company) report suggesting an 'upbeat' tone. After a drop in OIL prices early, a new report states that US supplies are down and now crude is moving back up. But, this increase is not bringing the market rally down as the Fed has extended it's Bank borrowing program further assuring market investors that banks won't have liquidity problems. President Bush has also signed the Mortgage relief Bill and this has also helped todays sentiment.

Bonds have taken a hit as a consequence of the market rally as the TNOTE yield rose earlier past 4.10% and is now trending near 4.08%. This is up from last night's close of 4.04%.

"PAR" Rates are currently in the 6.25-6.375% range for 30 yr terms and at 6% for 15 yr terms. I would expect another increase this afternoon of roughly .125% as this rally continues.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

After the big stock sell off yesterday which prompted a Bond rally, rates are heading right back to where they were last Friday. TNOTE yield is trending back up (4.08%-up from yesterdays close at 4.01%)

A report on consumer confidence slightly exceeding expectations along with investors seeing the positives in Merrill Lynch news from yesterday that they are writing off additional bad loans, has driven the stock market back up over 100 pts this morning. Other good earnings reports released are also helping the stock recovery.

So, again a little bit of good news goes a long way!!  However, as a consequence, investors are leaving bonds for stocks, and I don't see that reversing today as there really isn't anything else to shake things up today.

I have seen a slight rate increase already which is reflective of the 10 yr TNOTE yield. There may be another slight upward adjustment as this market rally will likely continue.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL BEFORE LOCKING YOUR RATE.

The Market again lacks significant economic news releases today and without other influences, OIL has stole today's show as usual. Some comments regarding Iran's "nuclear abilities" and a pipeline attack in Nigeria has raised supply concerns and OIL has been trending back up modestly.

The financial sector is once again retreating as earnings news is also very prevalent this week. Tyson Foods reported a sharp profit drop and Verizon showed increased profit, BUT lower revenue. There will be numerous upcoming earnings releases this week and that will have a moderate impact on the market and rates. It's not until Thursday and Friday that rate shifts may become larger. Reports on Employment, the GDP and Manufacturing are due out, and whatever the outcomes above or below predictions, rates will fluctuate accordingly.

I have seen a reduction of almost .25 discount point this morning as the TNOTE is down pretty substantially from Late Thursday/Friday. It's back at the 4.00% benchmark. It appears as of now that the market will remain challenged and down significantly, so there could be another small decrease this afternoon. Keep your eye on the TNOTE and for a continuation of today's bond rally.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK-ALWAYS CONSULT WITH YOUR MORTGAGE PROFESSIONAL REGADING YOUR OWN TRANSACTION

Wow, what a roller coaster. After a huge loss yesterday with financials losing the most and with analysts suggesting that financials were due for the readjustment after last weeks "sucker rally", I am now wondering if todays Stock Rally is also phantom.

Investors are looking for any positive news to make their "leaps of faith" and they got their fill this morning with reports that Consumer Sentiment is Up, Durable goods demand was up in June, new home sales not down as much as expected and a few good earnings reports.

Before rates really had time to reflect the bond strength late Thursday, these reports have started the bond exodus as the TNOTE yield has been moving back up steadily, now ranging 4.06% after being below 4.02% late Thursday. This mornings rates should hold fairly steady but if this "rally" (phantom, sucker or otherwise) continues, the afternoon rates will reflect the coaster's "ride up".

This is my opinion only and not that of Eagle National Bank-always check with your mortgage professional in regards to your own transaction

Housing reports from this morning along with bad Ford news and a 6% higher than predicted increase in jobless claims has once again brought the market back to reality. Consequently bad housing news is bad news for most financials and they took the biggest hit today. I heard the phrase "sucker rally" today in regards to last weeks run up in the financial sector.

But, the TNOTE yield fell .13% today to close near the 4.01 range. (REMEMBER THE MAGIC 4% BENCHMARK.) Rates did decrease today, but I would think that tomorrow morning they will drop again. We may see PAR rates fall below 6% in the AM.

Tomorrow brings 2 pretty important pieces of market data. Be cautious of rates later in the day as they can react quickly if Junes durable goods orders show any big swing from the meager .1% gain predictions. Also out is the University of Michigan's Index of Consumer Sentiment. This should play less of a factor.

After a big rally over the past few days, the market is showing a loss over 100 points currently as new home sales report posted shows another dismal month well below expectations. This, coupled with FORDS multi billion dollar loss has taken investors out of stocks and back to bonds.

The TNOTE yield has trended downward all morning and is now around 4.087% , down over .06 from yesterdays level. I have already seen a slight decrease in rates this morning. But, after 3 increases yesterday, rates are still above 6% on a PAR 30 yr term.

If the negative trend with stocks continues today, Bonds will continue to rally. We'll see later in the day.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK-ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL IN REGARDS TO YOUR TRANSACTION

I played it safer today and delayed my post until the afternoon to allow for the day to "heat" up before making any observations. There is again no real big economic news to sway the market, so OIL is once again the catalyst for the market sentiment. More "better than expected" earnings results add to the overall tone. Energy Sector is dragging the overall picture down, but the market is still in the "GREEN" at this time.

Take caution if you are floating a rate right now. Rates will continue to ride the "earnings train" over the next couple weeks.

And with bond weakness continuing, the afternoon or morning may bring another increase in mortgage rates.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK-ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL BEFORE LOCKING YOUR LOAN

Today is light on economic news releases, but ripe with earnings reports and they don't look good. After surprisingly good news from other major commercial banks, WACHOVIA ANNOUNCED IT IS LEAVING THE WHOLESALE (BROKER) ORIGINATION ARENA. Sentiment in the market turned negative in late afternoon trading yesterday and that mood will carry into this morning and possibly the afternoon as well. Wachovia's terrible earnings missed predictions by a big mark and American Express also released lower than expected figures. Apple and Texas Instruments also disappointed analysts and suggests that lower consumer spending is now being seen in the electronics/tech sector.

After reaching 4.12% in the late morning yesterday, yield on the 10 yr TNOTE closed just under 4.07% and had retreated this morning pre-market to near 4.01%. I am thinking that this trend will continue through the morning and with it should come a late morning rate cut to get the PAR rate on a fixed 30 yr term back near 6% again---right now it is hovering around 6.25%-6.375% give or take a few discount Basis Points.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK, ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL BEFORE LOCKING YOUR LOAN RATE

Rates climbed through the day on Friday and may level slightly this morning as Bonds gained a bit back at close. I would suspect, however, that this increase trend may not be over. Tnote yield is beginning the day around 4.087%, but more positive financial sector news may bring that level up this morning. Note that yield is up over .15% over the past 2 business days.

B of A showed a reduction in profit, BUT the results beat predictions. The whole week will be jammed with S&P and DOW member earnings releases. Hasbro has already given better results and today will also bring Apple, Merck and Texas Instr. numbers. The one factor that may temper the positive mood is that oil is back above $130 after it's record downturn.

There are a bunch of "economic reports" due out this week. Tomorrow brings the June leading Economic Indicator measurement. Anything higher than the tiny increase predicted will be detrimental to bonds and rates. The middle of the week brings less "rate" significant results on economic activity and the Housing Market, but there really shouldn't be any big surprises in these reports, so they won't have a big impact.

Look to Friday for the next potential for real fluctuations, as June's durable goods report and the University of Mich. final revision on the index of Consumer Sentiment are back in play.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIUDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL BEFORE TAKING RATE ACTION

There isn't really much in store today for market news, but news already out this AM should cause mixed optimism in the market today. Another huge loss posted by Citicorp (but less than predicted) is going to lift the financial sector investing today, but other earnings reported by Microsoft, Google and Merrill Lynch missed targets. Oil, which was down over $15 in the past 3 days, has started back upwards.

BONDS are down pretty significantly after the big rally in the past 2 days. Rates are up as a result by .375-.500 ( of a discount point) in this time period. TNOTE yield is now over the 4.00% benchmark and opens the day near 4.038%. I would expect another small increase as a result of late Thursday weakness and then we will have to see if CITI's news keeps the rally going for Financials.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK-ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

For the second consecutive day, Better than expected LOSSES have given the early market optimism that the Financial sector can weather the credit loss environment. The sector as a whole is up almost 7% with JP Morgan leading the way. Earnings from Nokia and Continental (again LOSSES but not as high as predicted) are helping the morning tone along.

It is still early to think that this sentiment will hold at the current level, but a couple of other positives may help. Housing starts were better than expected and unemployment claims for last week were down from analyst predictions. However, a new manufacturing report from the Philadelphia Fed shows weaker than expected figures. Oil had been down in pre-market and very early trading but is now up from last nights low.

While it's great to see the boost to the market, it is always tough to watch rates increase as a consequence. The TNOTE YIELD is edging upward now close to 3.97%. I've already seen a rate adjustment upward this morning by about an 1/8 of a discount point. But, let's really look at this in the right light. Rates are still EXTREMELY LOW despite what's happening around us. The FED won't likely adjust the BANK RATE at their next meeting for rate adjustments so mortgage rates will be highly dependant on where the market trends. In any event, unless bonds really tank during this period of uncertainty, daily ups and downs really won't affect rates much in the overall scheme of things. It is still a GREAT TIME TO BUY OR REFINANCE.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL IN REGARDS TO YOUR OWN PERSONAL FINANCING

After the lowest level on TNOTE Yield in some time (3.82%), Positive news in the financial sector and news that OIL has retreated back down to $132/BRL after its' record run up has lifted the market into positive territory and consequently TNOTE yield is trending upward and now sits at roughly 3.92%. Bonds will begin to reflect this trend, and while rates will hold steady in the morning, look for increases late afternoon.

There is lots in play today and it will take all day for investors to sort it all out.While Wells Fargo and Charles Schwab reported better than expected results this morning, the June CPI index rose much higher than expected as did the core numbers. This still shows inflationary concerns, and Fed Chair Bernanke did nothing this morning in his day 2 speech to assure investors that he is optimistic. This leads folks to assume that there is no chance for further BANK rate reductions come August.

We'll have to see where the market heads today--watch the TNOTE yield. (REMEMBER THE MAGIC 4% BENCHMARK)

THIS IS MY OPOINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK-ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL BEFORE LOCKING YOUR RATES

Fear in Future Financial Failures (wow-too much alliteration there). These 4 F's have set today's market tone....And, investors are awaiting comments from the Big Boys today--Fed Chairman, Treas. Secretary and even the President. All will give their strategies on how the Bailout and future regulations will affect and redefine the financial sector in regards to mortgage financing.

Additional economic news released today will likely keep the BOND rally going today. June's producer Price Index showed a higher than expected overall wholesale price increase and Junes's retail sales report revealed a smaller than predicted increase in sales. Along with those reports, the NY Fed says that manufacturing in NY State has again declined-3rd consecutive month.

But as we all know by now that when BONDS rally and the TNOTE yield drops, MORTGAGE RATES WILL DROP TOO. SO TODAY MAY GOOD DAY TO TAKE ADVANTAGE OF LOWER RATES. Yield is now near 3.82%, down from late yesterday.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK-ALWAYS CONSULT WITH YOUR MORTGAGE PROFESSIONAL BEFORE LOCKING YOUR RATE

The morning rally in the stock market is now gone as reality sets back in with an analyst predicting more Bank failures in the wake of IndyMac being taken over by the FDIC. Oh, and OIL is back near $145 after an early retreat. So, it is again these 2 sectors that continue to plague market sentiment as a whole. If you remove these sectors from the mix, the market would be in the green still.

Bonds, however, are the recipients of market woes as they have now rallied off Friday's lows as the TNOTE yield is down back 3.90%

Tuesday brings 2 economic reports which could send rates up or down depending on reported results. June's Producer Price Index and Retail sales reports will be out and we'll have to see what happens.

Expect some rate uncertainty this week as the Financial sector is still reeling from Fannie and Freddie and the newest Major Mortgage player to go under-IndyMac Bank. The market is reacting positively in pre market trading to the news that the Fed and the Treasury Dept will lend to Fannie and Freddie who hold 1/2 of all US mortgages. This is not good for BONDS which are expected to continue to fall, maintaining Fridays weakness. The TNOTE yield begins the day trending back upward toward the 4.00% benchmark. I would expect rates to increase by at least .25% of a basis point today.

This is a big earnings week including giants like Intel, Microsoft, Coca-Cola and we will finally get to see just how bad off Citigroup's numbers are after the second quarter.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK-ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL AS YOUR TRANSACTION IS UNIQUE TO YOUR CIRCUMSTANCES.

Bonds started this morning pre-market slightly down primarily due to late Thursday stock market improvements which have now been completely wiped out. Tnote yield also started slightly up but has now trended back down as the market opened with large losses in most sectors. Freddie and Fannie have been hit hard again for the second straight day with predictions of a government bailout looming. All financials with mortgage based portfolios will fall along with them. Citigroup has sold one of it's foreign banking units to raise additional loss capital. And once again oil hit a new record high over $147.

So where's the bright spot? Rates are now back under 6% (PAR) for a 30 yr conforming fixed mortgage and 15 yr conforming terms are at 5.5% (PAR)

If morning trading turns more optimistic in response to earnings such as GE actually posting numbers in line with expectations, bonds may trade flat and rates remain in the range we see now. I'll keep watch and post again later.

Even with much better than anticipated results for all wholesale discount merchants the market is still shaky this morning. Those governments checks seem to have helped discretionary spending, but is it short term only or can it hold into the new school shopping season.

More financial sector troubles regarding Fannie Mae and Freddie Mac along with more oil worries (now it's Nigeria acting out against the UK threatening supplies out of Africa) continue to keep investors from rallying based on the positives. Last weeks unemployment claims dropped, but the figure is still higher than a year ago and the projection for early 2009 is for an increase of .5% to 6% overall.

So you'll see the market up and down today, but as bonds are up right now, this trend may continue. TNOTE yield is now down to 3.80%---rates may adjust downward slightly if the trend continues.

So, without any real news to go on today, all it took was an analyst report on predicted Technology earnings to send the market down again. After spending much of the day in positive territory, technology stocks and major financials which have a heavy concentration in Technology are down this afternoon giving up yesterday's gains and further suggesting weakness in these sectors.

I had expected that Bonds would remain fairly unchanged but they have now gained strength as the 10 year TNOTE Yield is back to 3.83-where it was at the end of May. I would now have to think that there will be a late afternoon or an early morning rate decrease to correspond with this Bond strength.

Oil fell for the second day in a row ($6/brl) and the Fed Chief says that he may open the Central Bank up to Investment Banks as well, extending it's Lending efforts.

You'd think that these pieces of news would allow investors some piece of mind to start today's market with a rally. But, once again financials are dragging the Market down as IndyMac stopped loan origination and cut half it's employee base, and Merrill Lynch is once again in the news after a downgrade by an analyst.

With a mixed market trading virtually flat, bonds have also shown some slightly mixed movement, but the yield on the T-Note is where it was late Monday. So, rates should remain steady at yesterday afternoons levels, with any variances most likely small ones. A short term lock is still recommended as rates are at their lowest level in the past 2 weeks.

Really folks, for all the daily up's and down's, the overall affect to rates has been pretty small. It is still an incredibly good time to buy a home or to refinance.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. YOU SHOULD ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR RATE AS EACH TRANSACTION IS UNIQUE TO THE BORROWER/BUYER

There are only a few reports on the economy that may play a factor in bonds and rates this week. But, on the other hand, this week starts Corporate Earnings results releases so any big variance from projections could trigger market activity.

The reports scheduled for release are Thursday's weekly unemployment figures. This usually doesn't weigh heavily as it is only a week's worth of figures, but because of little other news, it may receive more attention. A report measuring the size of the US Trade deficit comes out Friday along with an updated Index of Consumer Sentiment reading. Both could help rates and bonds if actuals vary from estimates in the negative direction.

The final action scheduled this week which could affect bonds and rate is the Treasury auction of 10 yr T-Notes. We'll have to see if investors demand is strong or weak.

Todays rates are holding steady along with bonds. This may continue despite the fact that the Stock Market is up this morning as oil fell with the dollar gaining sudden strength.

Yesterday's Bond Strength has maintained into this morning. I have seen a slight drop in rates (1/8-1/4), however the Stock Market has bucked the trend today and is up. There really isn't a great reason for the GREEN territory today, but I guess so so news on employment is actually giving a glimmer of hope to investors. Employment figures show a decline, BUT it is in line with all expectations and overall jobless remained unchanged. A later morning report suggested that the services industry contracted unexpectedly in June, but the steady overall pace remaining virtually unchanged is keeping worries that the economy as a whole is getting worse in check.

Markets close early today and this could also be adding a more positive tone to the day. ( Less time for bad news to fester)

I haven't seen an increase in rates today , and the TNOTE yield is slightly up but still below the 4.00% range ( for those who have been following this Blog, 4% is the MAGIC BENCHMARK.) So, maybe the day will close and the rates will remain intact for the Holiday weekend.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK--ALWAYS SEEK THE ADVICE OF YOUR MORTGAGE PROFESSIONAL AS YOUR TRANSACTION IS UNIQUE TO YOUR CIRCUMSTANCES

After beginning the day in the GREEN, the major markets have reverted back to the RED as mixed news again today is keeping investors from long term faith in stocks. While there was a rise in factory orders, it was in line with expectations so no real news there. The private sector lost 79,000 jobs exceeding forecasts. Demand for durable goods dropped again due to pricing. GM's analyst rating was dropped from "buy" to "underperform" as it was announced that they may have to raise 15 BILLION to avoid BK protection. Oil began steady but has now started to increase as crude supplies were down but gasoline reserves up.

Overall there still seems to be a pessimistic attitude towards stocks. Bonds are holding steady with small gains as the TBILL yield is moving around the 3.97% range.

If the market reacts more severely to today's news we may see a rate reduction, but if it continues to trade up and down near the flat level, rates will most likely stay in check.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL BEFORE LOCKING YOUR RATE AS EACH TRANSACTION SHOULD BE TREATED INDIVIDUALLY

Stocks are again trending lower as worries continue to mount that companies are now showing that they are indeed paying much higher costs for fuel and raw materials. This is being past on to the consumer so spending on other goods aside from commodities is seeing a downturn. Some rare good news that the manufacturing sector grew at a higher rate than predicted helped to keep the moderate losses so far this morning.

Bonds again strengthened as the TNOTE yield fell back towards 3.90%. I expect todays rates to again get slightly better as they have already opened a bit lower than yesterday afternoon. Conventional 30 year rates are right around 6% while 15 year rates are at the 5.625% range.

Tomorrow brings the release of May's factory orders. There is a slight rise predicted, but anything less than that could bring further rate improvements. Thursday features a report on the June unemployment figures, payroll results and workers hourly wage. This report tends to have a big impact on market movement.

Remember, this is a short week for Bonds and the Stock Markets. I still believe that short term floats are appropriate for the next week or so.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONAL BANK. ALL MORTGAGE TRANSACTIONS NEED INDIVIDUAL ADVICE FROM YOUR MORTGAGE PROFESSIONAL