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 April 14, 2009

Mortgage Rate Update
The average rate on a 30-year fixed mortgage dropped to 4.78%, down from 4.85%. Rates on 15-year fixed rate mortgages fell to 4.52%, down from 4.58%. Rates on a 1-year adjustable rate mortgage fell to 4.75%, down from 4.85%.
Unemployment figures top the list of economic factors. Initial unemployment claims increased by 8000, requests for continued unemployment benefits increased by 122,000. Over 5 million Americans are currently receiving unemployment benefits- a record number.

Stocks took a hit on March 30, amid concerns surrounding the government's outing of General Motors CEO Rick Wagoner, coupled with Treasury Secretary Tim Geithner's comments that some U.S. Banks will require large amounts of government assistance.

Federal Funds Rate:
The Fed's target range is currently 0-0.25%. The next scheduled meeting of the Federal Reserve is Wednesday, April 29. The opinion of the Federal Reserve is that rates will remain low for quite some time.