Rate Update May 28, 2010
Pricing on mortgage rates worsened yesterday but have recovered a little bit this morning.
The Dow Jones Industrial Average rallied by 280 points yesterday on easing concerns over the EU’s debt crisis. This morning stocks are lower which is representative of the emotional schizophrenia the financial markets have been in for the past couple weeks.
Mortgage rates are benefiting from a weaker stock market and weaker than expected economic news. The Commerce Department reported earlier that personal consumption spending in April was lower than expected.
The bond market will close early today and all day Monday. Enjoy your weekend!
Current outlook: locking bias