In investment/trading circles, there is an expression: The trend is your friend.

I won't be posting today because the bottom just fell out of the mortgage bond market.  Yesterday, there was a respite from the on-going mortgage rates increases. 

Today is a different story.

As of 9:07 A.M. CT, mortgage bonds were off more than 40 basis points.  This should translate to a 0.250% increase for all conforming loans securitized by Fannie Mae and Freddie Mac.  I have a ton of calls to make today.

This isn't Boiler Room, it's what you need to hear.  Conforming 30-year fixed, 5-year ARM, 10-year ARM, you name it -- they're all getting bludgeoned.

Update 9:54 A.M.: Markets are now down 62 basis points.  Will the last one out remember to turn off the lights?

Update 11:31 A.M.: Markets are now down 78 basis points.  The next support levels are another 90 basis points lower.

Update 12:01 P.M.: Markets are now down 91 basis points.  This is like watching that scene in Swingers where Mikey leaves those voice mails.

Update Market Close: Markets were down 90 basis points on the day.  Looks like I picked the wrong week to quit sniffing glue.

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Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.