Doctors can be so frustrating. You wait a month and a half for an appointment, and then the doc says, "I wish you had come to me sooner." Hopefully someone waiting to lock in an interest rate on a mortgage isn't hearing that from their lock desk. As one trader said yesterday, "Mortgages continue to implode this morning after getting walloped last night. Buyers are few and far between as banks and money managers join servicers and originators in a sell-a-thon." Another trader from BofA said that "mortgages went out like the garbage". The trader is talking about mortgage rates/prices compared to Treasury rates/prices, but you can catch the gist of the mood yesterday. Over $5 billion in mortgages were sold, mostly 4.25-4.625% 30-yr mortgages, and mortgage prices ended the day worse by .250.

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