Ever the hopeless romantic, Fed Chair Janet Yellen testified before Congress this morning.  With passion visible in her batting eyelashes, she said that it would be unwise to wait too long before raising interest rates.  Her voice tender with emotion, she also said that the Fed will be selling off their holdings in mortgages–the Fed has been reinvesting almost $9,000,000,000 every week into mortgage bonds, helping to keep interest rates low.  A separate, but equally affectionate speech in Delaware by Fed Bank President Jeffrey Lacker was going on simultaneously, in which he said that given the current employment and inflation levels, “significantly higher rates are warranted”.  Doesn’t that jsut melt your heart?  This morning’s 13% chance of a Fed rate hike in March will probably surpass the 50% mark by the next poll.  Mortgage Bond Traders have decided to beat the Fed to the punch and have already begun selling off: currently pushing prices down 50 bps.  Mortgage pricing falls to the floor, even if love is in the air today.