So far, we are still sideways in a good way as the market gears up for the house's vote on the bailout.

5.5's are up 12 at 100-18+.

Be advised that there is a chance, albeit a slim one, that the bill will not pass the house. Because of this, you should have your pipeline ready to lock for all shorter term deals.

This is not a guarantee that a "no pass" will lead to higher rates (some investors might actually LIKE it hoping that what came back to the table made more sense). But very likely, if it doesn't pass, rates will be quite volatile in the period immediately following the announcement.

Don't touch that dial...