Apr
26

Mortgage Market Trends for week ending April 23, 2010

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Mortgage rates moved link last week, even as economic data released during the week as slightly better than expected. Optimism that the economy may be getting some solid footing and moving from a technical recovery to a more broad-based recovery seems to be growing. The two largest areas that continue to hold out are the housing and employment markets. Last week, both new and existing home sales moved higher than expected. However, the expiring tax credit may be the reason for the underlying improvement. It will be a few months before we know for sure whether housing is really starting to improve, or is still struggling mightily.

This week is packed with important items for financial markets. We’ll get our first look at first quarter GDP numbers, two important consumer attitude surveys, and the Fed meets again. While rates are unlikely to be changed, analysts will scour the announcement looking for clues as to when rates could be lifted. The closer that event appears, the more likely mortgage rates will go up.

Graph Courtesy from NY Times in an article by Bob Tedeschi April 21, 2010.  Data provided by Jeff Carpenter, Director of Finance, GFI Mortgage Bankers, Inc.

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