Mortgage Rates in Evergreen CO - Market Update by RJ Baxter First Mortgage Corp 4-19-2010

Mortgage Rates in Evergreen CO - Market Update by RJ Baxter First Mortgage Corp 4-19-2010

Mortgage Rates improved last week and rallied on Friday on news of Goldman Sachs fraud allegations. 

Strange week of economic data last week.  While retail sales improved, housing appears to be struggling despite the waning weeks of the home buyer tax credit.  New homes sales are down, but housing starts are up 20% since last year at this time.  Add to the poor housing data a higher than expected jobless claims number, and bonds liked the news, sending mortgage rates lower even before the Goldman Sachs announcement on Friday..

This week is a light week with one of the only important releases being PPI data later in the week.  The markets and mortgage rates will likely take direction from the Goldman Sachs news and other headlines. 

So far today, mortgage rates opened about the same as Friday, but have since jumped slightly higher as lenders reprice for the worse (higher rates).  Goldman Sachs stock finding stability currently.

The long term outlook for mortgage rates still appears to be higher, but for the time being, great deals can still be found.

Mortgage Rates in Evergreen CO - Market Update by RJ Baxter First Mortgage Corp 4-19-2010