This morning April durable goods orders came in better than estimates, while March orders were down.  The report was better than expected, but still not solid.  The GDP calculation figures for this quarter were less positive, indicating that business investment is slowing down.  Gains in inventories may help offset some of the softness in capital spending this quarter.

This morning the 10 yr. note opened at 2%, down 2 bps and the MSB's increased 20 bps from yesterdays close.  The DJIA opened -54 and the NASDAQ at -19.

Markets have realized the Fed will only make a move when the economy warrants it and which way it swings will all be dependent on economic conditions.

Markets are likely to remain uncertain until the May employment report is released on June 7th.  Analysts are convinced that interest rates will not move much on any improvements and suggest taking advantage of any rallies to get the best rate available any your loan to the table.

The bond and mortgage markets will close at 2pm today, while the stock market will go the full day.
Next week does not have much data and the markets will be closed on Monday.

Remain in constant contact with your mortgage professional.
Have a great holiday weekend.

- Michael Corboy