Mortgage rates nearly unchaged from Friday; 30 yr at 4.75% (5.1 APR) no points, read for more details

Most rate prices are near unchanged this morning as mortgage bonds start out losing ground, then improve, then fall back a bit after the release of better than expected data.  Treasuries are taking a hit while stocks strengthen in yet another reversal.  This back and forth movement is a telling sign of the reality of increased volatility as market participants debate the shape and form and timing of recovery, and the impacts of anticipated decreased Fed intervention.  Busy news week culminating in the employment report on Friday.  This week is likely to be choppy ahead of this heavily weighted data.  Be careful and if you have your full documentation and package to your lender, you should lock ahead of any weighty news.  Not sure? Contact your lender (or me) and get that package in, if you want to refinance at rates still near or below 5%.  It's may be a roller coaster ride for rates, so being prepared to lock is better than trying to do so without your full loan document package in to your lender.  Be prepared!

In the news today - Market Headlines for November 2, 2009


Trading on the market remains unchanged for mortgage backed securities, but that could change at midday repricing. Be prepared to lock against choppy news this week.

Data released today for:
Pending Home Sales Month over Month  SEP 0.00% change
Pending Home Sales Year over Year
Construction Spending Month over Month - SEP -0.20% change

U.S. September Construction Spending Report
2009-11-02 15:00:01.740 GMT By Alex Tanzi
Nov. 2 (Bloomberg) -- The following is the text of the September construction spending report from the U.S. Commerce Department.

SEPTEMBER 2009 CONSTRUCTION AT $940.3 BILLION ANNUAL RATE
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during September 2009 was estimated at a seasonally adjusted annual rate of $940.3 billion, 0.8 percent (1.8%)* above the revised August estimate of $933.0 billion. The September figure is 13.0 percent (1.9%) below the September 2008 estimate of $1,081.2 billion.
During the first 9 months of this year, construction spending amounted to $715.2 billion, 12.1 percent (1.3%) below the $813.3 billion for the same period in 2008.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $613.9 billion, 0.5 percent (1.1%)* above the revised August estimate of $610.9 billion. Residential construction was at a seasonally adjusted annual rate of $256.0 billion in September, 3.9 percent (1.3%) above the revised August estimate of $246.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $357.9 billion in September, 1.8 percent (1.1%) below the revised August estimate of $364.5 billion.

PUBLIC CONSTRUCTION
In September, the estimated seasonally adjusted annual rate of public construction spending was $326.4 billion, 1.3 percent (2.9%)* above the revised August estimate of $322.1 billion.
Educational construction was at a seasonally adjusted annual rate of $88.7 billion, 0.1 percent (3.4%)* below the revised August estimate of $88.8 billion. Highway construction was at a seasonally adjusted annual rate of $85.5 billion, 1.0 percent (7.8%)* above the revised August estimate of $84.6 billion.

Tomorrow news:
Factory Orders for Sep
ABC Consumer Confidence
Total Vehicle Sales
Domestic Vehicle Sales