Rate Update April 12, 2010

Rates are unchanged from Friday.

This week brings a flurry of economic data but the bulk of it doesn’t begin until Wednesday.

Today marks “opening day” for the reporting season of 1st quarter earnings.  For the next few weeks companies will release their 10Q reports to the market.  These reports will show well the company did in the 1st quarter and also provide guidance for the remainder of the year.  If these reports are surprisingly healthy mortgage rates are likely to suffer and vice versa.

Concerns over Greece eased a little over the weekend as they reached an agreement with other EU countries on a bailout package.  Critics of the plan note that it only addresses near-term financial needs and doesn’t solve any long-term problems.

I continue to recommend a locking stance.

Current outlook: locking