Rate Update April 18, 2008

Mortgage rates continue to increase thanks to momentum in the stock market. Mortgage rates have increase .25%-.50% across the board this week because of better than expected earnings reports. We’ve explained in the past on ‘rate update’ that mortgage rates often suffer from a rally in the stock market because fund managers have to sell bonds in order to create capital to buy into the stock market.

Today better than expected results out of Google & Citi Group are the culprits.

Current Outlook: locking

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