Rate Update April 2, 2009

Fixed Mortgage Rates are up from yesterday.  

Mortgage Backed Bonds are trading a bit higher than the earlier in the day but still underwater by about 19 basis points.  In news today, it was announced that the G20 meeting in London had made some headway in pulling the global economies out of the current recession.  The news was taken well on Wall Street as the Dow Jones jumped above 8,000 while on its way to a broad rally. 

This news has also helped take some money out of the bond market, which is why we are seeing mortgage rates creep up a bit this morning.  Now is still a good time to lock in rates for the faint of heart…but it is promising that bonds are already off their lowest levels of the day so there is still hope for more room above and lower rates in the next few days.

Current Outlook: leaning towards locking