Rate Update April 8, 2009
Fixed Mortgage Rates are down slightly from yesterday.
Mortgage Backed Bonds were able to gain some ground yesterday finishing about 31 basis points higher on the day. In early morning trading bonds are trading sideways only up about 3 basis points. This week will be a short trading week heading into the holiday weekend so it is also expected that volume may be low. This lower volume could come into play later today as the government is set to auction off $35 Billion in 3-year notes. The added supply could weigh heavier on the market is overall trading volume is down.
Current Outlook: floating while bonds stay above the 25 day moving average