Rates Steady on Senator Dodd's Assurance that Fannie and Freddie are Stable

Bonds were up today despite the fact that the stock markets are down. Most of the concern on the stock market is related to concerns bout the statbility of Fannie Mae and Freddie Mac. However, the stocks have taken a rebound this afternoon after 2pm ET comments by Senator Dodd that the stability of the firms was sound and government intervention was not required. Rates should remain unchanged today. Both economic reports released today had no impact on mortgage rates. US trade deficit declined in May, it had been expected to rise. University of Michigan reported that its Index of Consumer Sentiment increased, when it had been expected to fall. This is generally negative for mortgage rates. Again, this data was overshadowed by the concern regarding Fannie and Freddie today.

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National Rates

Loan Type Today
30 Year Fixed   5.62
15 Year Fixed   5.47
5/1 Adjustable   5.85

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