In The News...

There are no economic reports due for release today on this Quadruple Witching Friday where contracts for stock index futures, stock index options, stock options and single stock futures (SSF) all expire.

Fitch Rating agency says that because of the global financial crisis and the ensuing recession, the credit worthiness of the U.S. and the U.K has deteriorated. This comes after Moody's said this week that both countries have moved substantially closer to losing their AAA credit ratings.

The Federal Reserve purchased $10 billion in agency Mortgage Backed Securities in the latest week. Since the program began back in January of 2009 the Fed has bought a total of $1.236 trillion out of the $1.25 trillion allotted for the program, which is set to end on March 31.

The Federal Reserve feels that Mortgage Bond prices won't fall much, as other dealers are set to step in. But most noted experts feel that a fall in Mortgage Bonds is set to happen, which could push home loan rates a bit higher from current historical lows.

The sweeping and controversial healthcare bill will go to the House of Representatives on Sunday night as the Democrats use a 2 step process that involves the House approving the Senate passed version of the bill and passing the proposed final changes. Then the Senate then must act on the changes before President Obama signs it into law.

Brought to you, courtesy of The Mortgage Market Guide