Mortgage rates are down today however they have hit a floor and are having difficulty moving below it.
In the news, the Commerce Department's Gross Domestic Product report indicated that the economy grew for the third straight quarter, despite the report coming in slightly below estimates. Also this morning, the Consumer Sentiment and Chicago PMI reports beat expectations.
I recommend locking today.
Mortgage rates are down a little this morning as we get more bad news from Europe and their financial situation.
However in US news, Consumer Confidence rose sharply in April to its highest reading since September 2008. This number is important because the more confidence consumers have, the more likely it is that they will help fuel the economy.
I reccommend locking and taking advantage of the gains.
"Mortgage rates are near unchanged this morning, and there are no economic reports due for release today.
The ugly word "inflation" has reared its head. United Kingdom saw consumer price inflation rise sharply in March. The financial world has become quite small and interconnected. So higher inflation in the UK could lead to higher rates there, which would pressure rates higher in the US.
I recommend locking today.
Mortgage rates have dropped a little today. However, breaking news that the Securities and Exchange Commission is charging Goldman Sachs with fraud on subprime mortgages is giving Bonds another lift.
In other news, Housing Starts for March came in higher than estimated and at the highest level since November 2008. Building Permits also came in higher. Despite the good news, Consumer Sentiment was reported below expectations, due to ongoing concerns over the job market.
I reccommend floating today, have a great weekend.
After a much better week mortgage rates have started the day by going up.
Greece is in the news again today, and investors now sense a financial rescue package will help the country avoid default. The news is strengthening the Euro against the US Dollar, which is helping to give Stocks and Commodities a boost.
I reccommend locking today. Have a great weekend.
Mortgage rates are down from their highs the last couple of days.
Later this afternoon, the minutes from last Fed Meeting will be released. These minutes may give us a better understanding on how individual Fed members feel about the 'extended period' language and the selling of MBS. We'll also see the results of the Treasury's $40 Billion 3-Year Note auction this afternoon, which could impact trading.
I reccommend floating for today.
Mortgage rates are up today on the economic news of the day, the Jobs Report. While this is some great news for our economy, its not good for interest rates.
According to the report, 162,000 jobs were created in March, making it the biggest one-month increase in 3 years. Adding to the positive news were upward revisions to January and February, which brought the last two month’s net job losses near zero.
Although rates are still good right now, they are up and we can expect them to gradually head higher over time. I recommend locking at this time."
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