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Mortgage Market Update - 4/29/08

Stock slide on Consumer confidence reporting lowest level since March 2003. Bonds have been favored and the yield has pushed back down under 3.8% to 3.78%. Mortgage rates should relax this morning. Could be a good day to lock in clients.

Tomorrow FOMC meeting could bring out a Fed rate cut, if so it will be the last one for a while. Upcoming Economic Calendar is as follows:

Wednesday: GPD and Employment Cost. FOMC at 2:15pm

Thursday: Jobless Claims, Personal Income, Construction Spending, ISM Manufacturing Index

Expect the numbers to still be bad...but remember that the actual reports are measured against expectations. So we could have a poor reading on Construction Spending but it not be as bad as "we" expected it would be and this might spark the stock market.

Good Luck,

Posted by Sherry Connor on 04/29/2008 10:53 AM

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1 Comments on Mortgage Market Update - 4/29/08

APR

2008

Fed's meeting to cut rate, but rate was up a little yesterday from last week hmmm normal practice... lol.

This does look like it will be the last cut for a while and the rates will stabilize it self over the next few months, hopefully clients understand its time to make a move before rates increase again!

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