Market Snapshot

Mortgage Bonds started out the morning down, but have since improved to near unchanged levels. Stocks, on the other hand, are starting off higher and are trying to make it five straight days of gains.

Helping Stocks was an announcement that Barclays Bank is off to a strong start for 2009. Additionally, in a rare television interview last night, Fed Chairman Bernanke stated the recession should end in 2009 and that he is confident of the long-term outlook for the US economy. Despite these good headlines, the record-low New York Empire State Manufacturing Index indicates that we are still in a tough recessionary period for now.

Currently, Mortgage Bonds are sitting above an important floor of support.

“Your Partner In Success!”

Tony Frerking
Sr. Mortgage Consultant
PMZ Home Loans
1600 N. Carpenter Rd. Ste. C
Modesto, CA 95351
Direct: (209) 404-2200
Fax: (209) 254-7142