I hope everyone had a fantastic Christmas break and a safe new year. Welcome to 2010! While many market watchers discount the final few weeks of trading activity because decision makers are generally out of the office, it does not change the fact that mortgage rates ended the year on a month long losing streak. Whether it was a function of seasonal trading influences or an over shift in economic sentiment does not appear to matter at the moment because consumer borrowing costs are holding at higher levels to start the new year. A near term correction will be dependent upon the busy week of economic data ahead . Today the market recieved two economic reports. First out was the ISM Manufacturing index which provides a measure of the strength of manufacturing conditions across the United States...(read more)

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