It's been an absolutely brutal week for mortgage bonds and today has been no exception. Mortgage bonds are down another 50 basis points today and there are no reports scheduled for release today.

Let's get this in perspective.  We are off 220+ basis points...this week!

In the news today, Merrill and Microsoft reported worse than expected earnings.  Causing much of the mortgage bond movement was Citigroup's less-than-expected loss which helped buoy stocks in early trading.  The market has since moved back towards flat.

Chicago mortgage rates are higher again today as are FHA mortgage rates.