Rate Watch: Bias toward Locking

Mortgage Bonds are trading lower this morning and should be taking their cue from stocks, which will be watching crude oil very closely. The lower oil prices should help ease inflation, as the Fed has recently mentioned, but oil flow has stopped in Georgia because of the Russian bombardment of the country and it unknown how or when the situation there will end. With Bond prices moving lower this morning, and on the technical side, a tough layer of resistance overhead, I recommend locking. As always, I will watch the situation closely and keep you posted of any changes in the market.