Rate Update April 22, 2009
Fixed Mortgage Rates are even with yesterday.
Mortgage Backed Bonds are trading in the middle of the 25 day and 50 day moving averages after giving up some early morning gains. There is no economic news scheduled to be released today so bonds may trade on the wake of what is going on in the Stock Market. The stock market has been able to shake off some bad earnings being reported by Morgan Stanley and is currently trading up about 50 basis points. Bonds still have another 40 basis points before they hit the floor of support which is the 50 day moving average, but being that prices have seemed to stabilize a bit since later yesterday we will continue to float to see if bonds can head back up towards the 25 day moving average.
Current Outlook: Cautiously Floating on longer term locks