Tuesday, May 27, 2008
Since pricing came out this morning the bond is down 4 Bp. The negative there is that it is down 31 Bp since the market opened. This means that most of the damage done to rates happened before lenders came out with rates. In short, if the loan wasn't locked Friday, it may be best to sit and wait today out. Market movers today are mixed. Today consumer confidence came in at 57.2, the lowest in 16 years. Housing data came in very mixed with a jump in sales, but a 14.1% decline in sales price. This is the lowest price drop since they started tracking in 1988. Oil is down to the $130 mark after larger portion staying home for the holiday as opposed to taking the memorial weekend jaunt. They can be taught. With most investors waiting for the GDP report to come out Friday, expect the market to be somewhat tame until then. As always, if anything changes, I will be sure to re-post.
Karl Menzer
435-849-0212
