Good Morning!
Happy Friday, I hope your day is off to a fabulous start so far. Its starting out to be a great day for mortgages...
Big news hit the mortgage industry today regarding the $8,000 tax credit available to first-time homebuyers. According to the Federal Housing Administration, first-time homebuyers can apply the new $8,000 tax credit toward the purchase costs of a FHA-insured home. This is hot of the presses and more details will be released soon.
Also in the news today, the Commerce Department estimates that Gross Domestic Product for the first quarter fell at an annual rate of 5.7%, which was better than initial estimates. This news indicates that the recession may be slowing down and turning more moderate.
Currently, Bond prices are improving a great deal on yesterday's gains. For now, I recommend floating to see if prices can continue to improve off the sturdy floor of support at the 200-Day Moving Average. As always with volitility like this, be prepared to lock if the situation changes. I will certainly keep you posted as things develop.
In the meantime, I hope that you have a great rest of your day and a fabulous weekend ahead. If there is ever anything that I can do for you, please let me know.
Friday, May 29, 2009
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