The prices of mortgage backed securities managed to move higher yesterday despite considerable gains with stocks. By the close of trading, MBS reached levels in price not seen since May 6th. Most lenders did reissue new rate sheets passing along better pricing. The economic data didn’t support the rally in fixed income as existing home sales posted much higher than expected numbers. The Treasury auction went fairly well with strong demand, but that is basically what was expected and in line with...

In 2009 :
Lo : 48 °
Hi : 55 °
Rainfall : 0.04 “ Rain & Mist fell during the 6 - 9 a.m. & 2 & 11 p.m. hours.

In 2008 :
Lo : 20 °
Hi : 57 °
Rainfall : 0.05 ”

In 2007 :
Lo : 26 °
Hi : 40 °
Rainfall : 0.00 “

In 2006 :
Lo : 25 °
Hi : 65 °
Rainfall : 0.00 “

In 2005 :
Lo : 33 °
Hi : 67 °
...

Arizona is attempting to privatize correctional facilities state wide aside from Yuma as it cant be sold being on federal land. This is a tremendous blunder for the state. What is insane about all of this is the difference in staff from companies like Correction Corporation of America and the correctional officers currently serving in the state of Arizona today. Private Corrections companies do little to train their staff in the areas of counseling and recidivism prevention the way the state does....

A few days ago I was invited to attend a church by a Christian who also wanted to make sure that I was not involved already in a good church given that her church was careful about not being seen as stealing sheep.

While I appreciated her offer...it also reminded me of how off the wall the modern Christian church is with respect to what is biblical or not regarding the various "traditions" or viewpoints that have just become an accepted "truth" of Christianity...

Last week ended basically where it began with mortgage backed securities holding near six month lows. During the entire week, MBS traded in a very tight range resulting in mortgage rates holding in the 4.625% to 4.875% range for well qualified consumers. The week ahead is shortened by Thanksgiving on Thursday which will keep all markets closed and we have an early close on Friday.

This morning the economic data starts with a report on the strength of the housing sector from the National...