Mortgage bond prices are higher today as uncertainty and volatility are crushing the global stock market.  In the States, we have the Dow down about 400 right now.  Globally, markets were off 3-5% overnight.

At the end of the day, the concerns are whether the $700 Billion rescue plan allocated enough money for the rescue or if too much got lost in special interest issues.  This is bad.  It's currently good for mortgage rates.

The Fannie Mae and Freddie Mac adjustments for less than perfect credit will alter who can qualify for the refinance opportunity.

Stay tuned...as we've been saying all year, this could be bumpy.