Rate Update February 25, 2009
Fixed Mortgage Rates are slightly higher than yesterday.
Last night’s speech by President Obama hasn’t seemed to ease the minds of traders this morning as both Stock and Bond markets are trading lower on the morning. Currently, Mortgage backed bonds are trading 25 basis points lower on the day and remain up against some pretty tough resistance overhead. Also, hurting bonds is the fact that there will be $32 Billion of 5yr Notes auctioned off today which will give some added supply to an already down bond market. It looks like rates could mover higher in the next couple days before they get lower.
Current Outlook: Bias towards Locking