Bonds Down As Fed Injects $200 Billion into Markets

By:
Paul King | March 11, 2008
The stock market posted strong gains today, following a surprise move by the Fed to add further liquidity to the markets. Mortgage rates have been extremely volatile throughout the day are are ending up slightly down over yesterday. Prices will likely be unchanged in afternoon pricing over yesterday, but could increase tomorrow AM. Today's release of the January Goods and Services Trade balance report showed a smaller than expected trade deficit. However it had little influence on todays market. The news of the surprise Fed injection of $200 billion into the markets is what has been the focus of today's trading in both the stock and bond markets. What is new about this infusion is that banks can use AAA mortgage securities as collateral. Traditionally only Freddie or Fannie securties could have been used. This, in theory will enhance banks ability to lend money and it is hoped will relax the credit markets a bit, making it easier for consumers to obtain needed loans. Thursday's February retail sales data is the most important report on deck for this week. It will give us a good glimpse of the economy at the level of consumer spending.

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National Rates

Loan Type Today
30 Year Fixed   6.05
15 Year Fixed   5.73
5/1 Adjustable   5.78

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