Rate Update March 6, 2009
Fixed Mortgage Rates have improved from yesterday.
Mortgage Backed Bonds are trading up against the 50-day moving average after breaking right through the 25 day moving average the past couple days. Because bond prices have improved so much over the past few days, and mortgage rates are down .375% in that time, I feel that today is a good day to lock on short term transactions.
Today’s Job report was right in line with expectations as there were 651,000 jobs shed in February. Currently the unemployment rate is 8.1% as the US economy has now lost 4.4 million jobs since December 2007.
Current Outlook: Bias towards Locking.