No Austin mortgage rate change is expected but watch the FOMC policy statement closely

Although the Greek thing is still a mess, the IMF, etc. seems to be putting together a package of 100 to 120 billion in aid.  Market reaction has put pressure on treasuries and MBS.  On a side note, the Greek 2 year note traded over 17% this morning and the Greek Air Force called in sick today, protesting pay cuts.  Spend more than you make and then ask for a raise, they just don’t get it.  Additional pricing pressure is happening due to the noon (cst) 5 year note auction.  42 billion of the issue has traders on edge after yesterday’s sloppy 2 year deal.  We also have the FOMC announcement today at 1:15 pm cst.  No Austin mortgage rate change is expected but watch the FOMC policy statement closely.  Hopefully, we will not get sideswiped.  Want to get this out as the market is taking some heat.  Mortgage backs now off 10/32’s so a price change is imminent.

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