Fixed Mortgage Rates are even with yesterday.
Mortgage Backed Bonds are trading even on the day. Earlier today the ADP employment report showed that the U.S. economy shed 742,000 jobs in March. This enormous figure will likely cause Friday’s official job report to be very disappointing as well. Bonds would have normally been trading up on this news but have seemed to stay pretty flat today. The more I see rates not being affected by reports, weak economic news, and stock market rallies…the more I think that rates will not drop much further than the levels that they are currently.
Current Outlook: leaning towards locking