Good news for us in mortgage land today as we see bond prices, including mortgage bonds, improving. Economic data has driven some of the improvement in bonds, as first quarter GDP was reported at 3.2%, lower than expectations. In addition, the consumer sentiment index, a monthly measurement by the University of Michigan, declined from the March reading.
The SEC investigation and now, the criminal probe of Goldman Sachs, as well as the seemingly endless turmoil in the European debt markets remain as the main headlines. It has been reported again today the EU and IMF should reach an accord on a bailout of Greece this weekend, although, we have heard this for the past several weeks.
Mortgage interest rates remain at sub 5% levels and the home buying season is here. The combination of low interest rates and low home prices should motivate folks as the economy slowly recovers.
Have a great weekend!
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