I just posted the following to my web site:

Current Bias changed to LOCKING

Stocks are only up slightly and the dollar has lost some ground causing Oil, Gold and other commodities to rally which brings buyers to their related stocks. Stocks have rallied and the S&P has once again rallied above support levels.

Bonds are down and at this point we are going to recommend LOCKING because Mortgage Bonds have been overbought, we just had some negative technical signals come out and barring any surprising move from the announcement of FED Minutes this afternoon bonds are ripe for a sell off and likely will lose another 60 BPS before reversing course....

I'll be blogging later a post that I started last night regarding the fact that rates are not going to move downward consistently...Get them locked in because a reversal has started

The bottom in the rate market just hit and many are at risk of missing the boat.

Please go to my web site: www.rglovermortgage.com