Rate Watch Update

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Happy Friday May 7, 2010

Wow, a wild ride yesterday, and volatility in market continues today.  While nobody seems to be making any math errors with their sell orders today, stocks are still down from the close of yesterday, helping mortgage bonds and improving rates if only marginally.

The big news this morning was the jobs report; 290,000 jobs created in April, ahead of estimates and the biggest monthly gain in 4 years.  This is very good news for the U.S. economy and consumer confidence and further strengthens the argument that we have turned the corner, albeit slowly.

The German government approved a bailout plan for Greece.  This should bring some stability to the debt markets, and so we may see rates inch up a bit next week as a result.  We are keeping a close eye.

Have an awesome weekend.  Let me know if I can help you or someone you know with any real estate financing.

Mike