Mortgage Backed Securities (MBS) prices opened lower, and are falling further after release of U.S. pending home resales index that unexpectedly rose in December. Consequently mortgage rates are creeping up into the mid to high 5's.

Home values are evaporating at an alarming pace, losing $3.3 trillion last year, causing record foreclosures, but making homes more affordable for the ever shrinking segment of society not hampered by restrictive lending rules and increased add-ons!

Cheers,

Ian Bennett