Mortgage markets lost a little bit of ground last week, edging mortgage rates higher in a week marked by the largest stock market gains since November. Once again, mortgage rates couldn’t sustain a rally of more than 5 days. Not since late-2008 have mortgage rates managed to fall two weeks in a row. Last week’s market was impacted by three distinct factors:
- Bank balance sheets weren’t as bad as feared
- Discussion started on new bank valuation methods
- Traders got optimistic that “the worst is over”
The rally will likely continue into this week, too. This after the 60 Minutes interview with Ben Bernanke in which the Fed Chief said he won’t let big banks fail and that the recovery will likely begin later this year. It’s the first interview with a sitting Federal Reserve Chairman in history….
To watch this video, please visit:
http://www.loanapproval411.com/info_01/page_1.rad
Sincerely and respectfully,
Daniel A. Sosa
PMZ Mortgage Consultant
Office: 209-472-2010 x4716
Cell: 209-298-8017
Email: dsosa@pmzloans.com
Website: www.loanapproval411.com
