Rate Update April 19, 2010
Mortgage rates are slightly better this morning.
Mortgage rates improved on Friday on a weaker stock market. Stocks sold-off following the news that the SEC had filed fraud charges against Goldman Sachs.
Today regulators are digging into the books of other large Wall Street institutions to see if wrong-doing was wide-spread. Should further problems be found I’d expect further selling in the stock market. When stocks suffer mortgage rates often benefit.
We won’t get any significant economic data until Thursday. In the meantime we’ll be tracking the stock market and technical trading patterns.
Current outlook: floating