Mortgage Rate Update

Markets Up, But Unstable.

 (When the bond goes up, rates go down.)

As you can see by the chart below the bond is currently surging higher, currently up +62 basis points.  This is going to help rates if we can hold on to those gains.

The news moving the bond today: 

• Consumer Confidence was much higher than expected and IBM raised its quarterly dividend by .65 cents, which initially weighed negatively on the bond. 
• However, the news ruling the moment is Greece’s bond rating being reduced to “junk” status by S&P.  In addition, Portugal’s bond rating has also dropped.  These two world economic factors have trumped the good news in the economy and have turned stocks negative and sent bonds higher.  

If you have not yet locked in these great rates, you may very well miss them. 

Don’t forget – the Homebuyer Tax Credit for non-military ends on April 30^th!!  Must have an executed contract by then.