Rates Drop Again on More Weak Economic Data

Rates continued to drop today following more weak economic news. Including the rally from yesterday afternoon, rates should improve by at least .5 of a point today. The 4th Quarter GDP report showed an annual rate of growth of .6% which was weaker than expected and is good news for rates. Weekly jobless claims came in higher than expected. Both of these reports usually don't impact rates that much, but they did today. Bernanke continued his testimony today to the Senate Banking Committe. His comments did not affect trading as there was nothing new or different from yesterday's testimony. Tomorrow we'll get January Personal Income and Outlays data as well as the University of Michigan's Index of Consumer Sentiment for February. Both will give us a sense of the strength of the economy from the perspective of the consumer.

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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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