Mortgage Rates End Lower Monday (FNMA 30-yr 4.5 at 100.18, +10/32); Dow Falls 300 On Bank Worries

The Dow fell 300 points, to its lowest level since 1997, which boosted MBS markets.

Today’s economic data had little impact.

The ISM national manufacturing index came in a little higher than
expected

Construction Spending declined -3%.

Oil prices fell $5 per barrel to $40 per barrel.

Tomorrow, Pending Home Sales will be released at 10:00 et.