Mortgage Refinance - Wait or grab the low rates now?

SP500 lost about 2.4% last week and small caps around 2.6%. Long term treasuries gained modestly while Gold, Oil and commodities suffered. Sinking US dollar is making foreign investment little more attractive for US investors. However, last week saw decline in the equities all over the globe.

The biggest impact was from the Unemployment report that was 26 year high at 9.5% and 467,000 more jobs were lost, much more than expected. Since last week was a short week, and usually volume is lighter in these short weeks and any direction the market takes might have to be confirmed this week.

The strong of 7 year notes auction led to the decline of 10 year yields and the Mortgage Backed securities yield. China stated that it wont diversify away from US dollar and hence causing demand for Treasuries. With inflation fear out of the picture, weak jobless numbers and still declining Housing market, the mortgage rates may lie low for few more weeks.

Last week's market Internals:

NYSE, (New Highs - New lows), 5 DMA = 18.6

10 year Treasury yield = 3.51%
Short term bond rate = 1.975%

Volatility Index, VIX = 27.95
Put/Call Ratio, total of equity/Index = 1.05
Bull/Bear Ratio, Investors Intelligence survey = 1.38

US Dollar, 5 DMA = 79.96
Gold, 5 DMA = 91.83

Next Week's economic calendar:
- ISM Service - 7/6
- Crude Inventory, Consumer Credit - 7/8
- Michigan Sentiment, Trade Balance - 7/10
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