Rates are phenomenal

Markets are starting the week with more fear from Europe as Spanish bonds are above 7%.  Europe has continued to remind the world that financial instability is rampant , and far from being tamed.  The recent string of disappointing reports in the U.S. is pressuring the Fed to step in again.   The FOMC minutes will be released this Wednesday, so investors will get an idea of what was being said behind closed doors. Stocks are currently lower and mortgage bonds  are marginally higher.  We will advise a locking bias on short term transactions as rates are phenomenal.