Mortgage Rate Week Review April 3, 2009
The first week of April 2009 is one more week for the economic history book. This week marked the easing of Mark to Market accounting and a potential end to the economic recession. Friday Mortgage Backed Securities took it on the chin for the second day in a row. The FNMA 30 YR 4.0% gave up another .41bp today. This didn’t help Mortgage Rates as the too worsened for a second day. The Job Report was not as bad as estimated, which we can attribute the continued flight from the bond market. This could be the bottom of the trough.
Individuals who probably should have been looking for a job today decide they would use their resources to protest on Wall Street. Don’t blame Wall Street when you miss out that job opportunity, you made to choice to be an activist vs. being a proactive job hunter. I am glad we haven’t reached the egocentric self entitlement mind frame as Europe. Destroying private property and trapping CEOs angry mob style is extremely civilized and is a sure fire way to a resolution, I believe this is considered No Cost Decision Making!
The week of April 3, 2009 Mortgage Rate Chart.
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