Mortgage Rates April 8, 2008 Signs to Watch
The big factor in mortgages rates on Monday, April 7th was the stock market. If you are currently watching mortgage rates and trying to decide when to lock in, you should keep an eye on the stock market. Monday morning the stock market started out strong pushing mortgage rates up, by 1:00 the stock market reversed and gave up most of the morning gains. This allowed mortgage rates to drop back to the levels we saw on Friday.
Keep an eye on the stock market, without any other major economic news it will drive mortgage rates. If the stock market is weak rates will get a little bit better, but be careful with rates near such low points the slightest favorable economic data can send them shooting upwards.
Keep in eye out for my April 8th, 2008 AM Update for more information as we continue to watch rates through this week (April 7th, 2008).
Economic Data for the week of April 7th, 2008
Tuesday April 8 - FOMC Meeting Minutes at 2:00pm
Thursday April 10 - Jobless Claims (first thing in the morning)