Interest Rate Report for Wednesday May 21, 2008

FOMC Minutes were released today.  They forecast  weak economic times ahead.  The see  higher inflation and higher unemployment. They project no interest rate cuts even if the economy continues to slow.

Stocks pare losses - bonds move lower.  Bonds slide from earlier gains on inflation concerns as oil trades at a record $132 a barrel.
 

Mortgage Bonds open lower as traders look to cash in on recent gains.   Locking in on rates is recommended as the markets digest the news from the Fed.

My business is built on solid advice not just price.

Thank you for listening to www.ContactHerrick.com .  We will have another report for you, your family, your friends and your important business contacts later this week. 

A quote from JFK

"The time to repair the roof is when the sun is shining."

 Roger Herrick

Mortgage Broker

www.ContactHerrick.com