Rates Up on Stock Market Recovery

The bond market was down Friday on mixed economic news and a stock market rally. Stocks rebounded today from Thursday's 300 point slide. December's Leading Economic Indicators report showed a larger than expected drop, which is good news for mortgage rates as it eases inflation concerns. The second report of the day was the January preliminary Index of Consumer Sentiment report. This report came in well above forecast levels, which is not a good thing for mortgage rates. Surveyed consumers were more optimistic about their own financial situations than expected. Expect a quiet week next week with a Monday holiday and few significant reports due out.

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Eyes on Bonds

Today will set the tone for this week's mortgage rates.

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National Rates

Loan Type Today
30 Year Fixed   5.80
15 Year Fixed   5.55
5/1 Adjustable   6.05

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