Current Bias: Clients should seriously consider locking their rate for closings within the next 45 days

Mortgage Bonds stabilize from a -153bps loss in the last two days as the carnage hopefully has ended for the day. Bonds remain underwater as the market is taking the inflation crusading comments from the Fed this morning as an indication rates will be pushed higher. Citing now close to a 100% chance that the FED will increase the FF rate by .5% by November. This will try to tame inflation issues which the FED has said is high, but not yet detrimental.