Market cmmentary

Mortgage applications fell 2.0% for the week ending April 1, however, on a positive note, the Mortgage Bankers Assn. reported purchase applications rose 6.7% while applications for refinance fell. There are no more economic releases scheduled for today. Interest rates are on the rise again with the yield on the 10 year note reaching 3.51% this morning. Mortgage bonds continue to falter and are approximately .375% to .50% worse in price from Tuesday morning. Gold reached an all-time high this morning at $1,459 per ounce and oil remains above $108 per barrel. Economists are beginning to take note that fuel prices are taking a bite out of consumer spending; spending on things other than gasoline that is. A number of economic forecasts for the second half of 2011 are being lowered, putting the Fed between in a difficult position.