Mid week update. It is a good day for Mortgage Rates

There was an absence of any real news or reports today other than the third day of Treasuries being purchased by the FED and the release of the Fed Minutes from their April meeting.

Ahead of the news we saw some nervous trading and actually lost a few 32nds. After the release of the Fed Minutes we have had a small Rally that has us firmly in positive territory. Price UP is a good thing in the credit markets... because Price Up means Yield Down.

The Fed Minutes did not have any real surprises. They still think that we will recover late in the year, and that the worst may well be behind us. But the drop in US output is now thought to be significantly higher than the previous forecast. They also predict unemployment to be in the range of 9.2-9.6% which are pretty scary high numbers in my book.

Over all they seem "cautiously optimistic" and the market seems to think that we will be slow for the near term, as evidenced by the small sell off in stocks along with the rally in the credit markets.

That's Wednesday's 2 Cents worth!

Have a great week

Rob

Robert Rauf

Mortgage Banker

www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf

(732)223-1630 x102

Since 1987 I have been helping my clients fulfill their dream of home ownership!

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