Tomorrow has the potential to be a huge day for mortgage rates.  The volatility we have experienced since the FED lowered the Federal Funds Rate 1.25% in a matter of days will most likely make tomorrow exciting.  The Hourly Earnings, Average Work Week, Non-farm Payrolls, Unemployment Rate, ISM Index, and Consumer Sentiment Index all are released tomorrow. 

Cornerstone Mortgage is now able to offer 100% construction financing.  The product is a one-time-close construction to perm.  Self General's are allowed. 

Currently the bond market is -6bp and the Dow Jones Futures are pointing to a low opening as well.  New Home Sales numbers will be released at 10:00am today.  With the current volatility we expect the Bond Market's movement to be

  The MHDC will be delaying their bond issue 2008A until the second week in February.  Market volatility and the predicted FED rate cut are the cause.  Once the market settles they will be able to issue the new bond. 

We have heard rumors that the approved economic stimulus package will have a clause to temporarily raise the conforming loan limit to $650,000 in high cost areas.  This is an amazing opportunity