Yesterday the bond and stock markets rallied as the FOMC meeting gets closer and investors confidence that the Fed will begin to taper its QEs is beginning to fade.

From now until next Wednesday afternoon, the markets main focus will be on the FOMC meeting, its policy statement and Bernanke's press conference following the meeting.

Recent data and the unusually swift increase in long term interest rates(including interest rates), may not be to the Feds liking.

Floating has many risks attached, but if you choose to do so remain in constant contact with your Mortgage Professional and keep alert for any changes.   So far the markets are doing well, but there is a lot of time left in the day.

- Michael Corboy