Fnma 4% is currently up 19 bps...and the Dow is up 70. The bond is trading just under the 25 day moving average price and is at $100.06. Rates will hold steady for a minute...but the massive amount of "supply" that will be hitting the markets next week will give options to investors who would otherwise have purchased mortgage backed securities.

I think rates are at a low point for the time being and 30 year rates are just close to 5% right now...

Initial unemployment claims came in just about where expected at 640,000 for last week.