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What's Ahead For Mortgage Rates This Week: March 30th, 2009
The stock markets made strong gains last week but the mortgage markets barely moved in the wake of the Treasury's "toxic asset" plan. 
After carving out wide trading ranges on most days, mortgage pricing ended the week slightly worse overall.
From an economic standpoint, though, last week was an interesting one.
Existing home sales showed unexpected strength. New home sales showed unexpected strength. Data showed home prices rising unexpectedly. In addition, consumer confidence rose unexpectedly, too.
To rate shoppers, these "unexpected" developments are warnings worth heeding because mortgages trade on expectations of the future.  And "the future", you'll remember was widely expected to be an economic abyss.
This is one of the many reasons why mortgage rates are so low right now -- during uncertain times, investors flock to safe investments.  But when those expectations change, mortgage rates usually do, too. 
And quickly.
Our current recession has been thus far called "housing-led" and was predicted to last several years.  Last week's data, however, provides at least some evidence that the recession may be ending; that the economy may find its way forward sooner rather than later. 
Indeed, even members of the Federal Reserve now call for a turnaround starting in as few as 6 months.
For now, ... more

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