At the time I am writing this, mortgage interest rates are less than 1/8th of a percent higher than they were last Friday.

Most economic reports that came out this week were negative. This seems to point to that that the stronger than expected employment report we had a couple weeks back was more of fluke than a start to a new trend. Yesterday the unemployment claims report was released and claims came in higher than expected. In Europe the Euro zone GDP was released and it confirmed that Europe is still in a recession with overall economy shrinking .01% in the first quarter. As long as the negative economic reports continue to come out it will be good news for rates, and we will hopefully regain what we lost when the last employment report came out.

All of the negative economic news has not been able to stop the stock market which I personally think is bad sign. When people are ignoring economic data and just buy stocks on emotion they are setting themselves up for failure. The stock market is long overdue for a correction and when/if that happens I think it will be good day for rates.