Weekly Mortgage Market Overview: 4/9/12

By April 9, 2012Uncategorized

Last week saw a very weak employment report that drove interest rates, mortgages and treasuries lower. Treasuries will auction $66 billion of notes and bonds beginning Tuesday. Thursday and Friday PPI and CPI will be reported for March. The US stock market was closed Friday so Monday morning the market will open weaker on the employment reports. The 10 year note ended Friday at 2.05% down 16 basis points on the week. Most of the rate declines last week came on Friday when the non-farm jobs report was half of what was expected.

Europe’s debt problems that have been dormant for the past few weeks are back. Spain is now at the forefront of concerns and can’t make it without another EU bailout. The prime minister of Spain set up the concern when he said last week the country was in “extreme difficulty”. These comments are opening back up safety moves to treasuries the same with the Greece concerns that took rates down.

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