Mortgage Rate Update March 18, 2011

Mortgage rates are unchanged this morning.

Stocks have started the day higher as investors unwind “safe-haven” allocations.  Investors are feeling good because of developments in Libya & Japan.

The United Nations passed a resolution that opens the door for allied forces to begin air strikes thought to support the effort to overthrow Gadhafi.  The markets have been uncertain about the end-game in Libya and this development provides a little more certainty that Gadhafi’s regime will eventually be ousted.

Central Bankers around the world (including the US) have agreed to intervene into the currency market to help prevent the Japanese Yen from appreciating in value.  The move is designed to help the Japanese economy recover faster by keeping the cost of their exports low for global consumers.  This is good news for economies around the world.

There is no economic data scheduled for release today and with the weekend ahead I will remain in a neutral position.

Current outlook: neutral