The 30 year fixed PAR rate is unchanged from yesterday.

Stocks and bond yeilds are both up on Bernanke's comments regarding the Fed's awareness and intention to combat an impending recession.

Economic data releases continue to show a weakening economy, with the Personal Income and Outlays down more than expected as well construction spending. 

Hank Paulson has suggested a plan to freeze adjustable rate mortgages at their introductory rates. 

Whether today's news is good for the mortgage market depends on one's point of view.  As a result, Mortgage Backed Securities are flat this morning. 

Traders will watch stocks for the rest of the day, which are off their highs.  If stocks approach even for the day, there may be a slight rate improvement.