GDP came in better than expected

March 27th, 2014

March 27, 2014; 9:15am

Good morning!

Interest rate trends: Today – Flat; 10 days – Higher; 25 days – Higher

Interest rate recommendation:  Locking bias

Mortgage bonds (MBS’s) are flat this morning on mixed economic data.  GDP came in better than expected at 2.6% for Q4 2013 vs. 2.4% expected.  On the flip side Pending Home Sales declined -0.8%, the lowest level since October 2011.  Initial Jobless Claims dropped by 10k, to the lowest level since November.  Interest rates are only slightly better this morning so we hope to have some more improvement today, but a locking bias by the end of the day is currently recommended.  Freddie Mac reported the average 30 year fixed rate was 4.40% with 0.6% points.  We are offering 4.125% with no points.  Have a great day!  


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