Mortgage bond prices rose last week pushing mortgage interest rates lower. Trading remained volatile as trading was thin amid the shortened holiday trading sessions. Mortgage bonds rallied nicely following the announcement that the Treasury and the Federal Reserve will spend $800 billion to help the ailing credit markets (details in article below).

For the week, interest rates on government and conventional loans fell by about 1.625 discount points.

The employment...

Updated Wednesday November 12th @ 10:15 am ET

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MBS prices are swinging by 10/32 at a time as traders digest the news Fannie is going broke. Expect wild swings in rates and very conservative pricing from the banks.