Yesterdays reports showed the weekly jobless claims to be the lowest in five years, implying that there has been a reduction in firings, but no substantial increase in hiring.  The number of people collecting jobless benefits fell, but 11.7 million people still remain unemployed.


On Wednesday, the treasury issued a new 10 yr. note which will now be substituted as the "on-the-run" 10 yr. note that markets will track.

March wholesale inventories were in line with estimates, but sales came in below expectations.

The BOE left its stimulus program unchanged, keeping interest rates a record low.

Freddie Mac and Fannie Mae both showed profits for Q1, implicating that profits will continue and the bailout funds will be returned in full from the housing market collapse.

MBS's are still maintaining there levels, but as long as rates continue to increase it is only a matter of time until they begin to impacted negatively.

There has been no relief on interest rates from last Friday's spike; implying that the market adjustments were not simply an over reaction.

Stay in constant contact with your mortgage professional in order to stay ahead of the current volatility.

- Michael Corboy