Freddie Mac: Mortgage Rates Drop (Again) – Thank Greece, Portugal and Spain!

http://confoundedinterest.wordpress.com/2012/05/17/freddie-mac-mortgage-rates-drop-again-thank-greece-portugal-and-spain/ ^ | 05/17/2012 | Anthony B. Sanders

[whitedog57]

According to Freddie Mac, mortgage rates in the U.S. fell to a record for a third straight week. The average rate for a 30-year fixed loan dropped to 3.79 percent in the week ended today from 3.83 percent.

Fannie Mae 30 year current coupons (the rate on Fannie Mae MBS) fell as well, but not to the lowest point in recent months.\

As Europe continues to experience a financial crisis, investors continue to invest in our Treasury market (driving down yields). 30 year mortgage rates follow the 10 year Treasury yield.

Greece, Portugal and Spain continue to experience problems with excessive debt, Spanish debt (housing-related) and Greek turmoil.

Consumer Comfort and Unemployment Claims

Bloomberg released their consumer comfort index today and it looks like the downside of a big rollercoaster.

And initial jobless claims came in higher than forecast. BUT EQUAL TO THE UPWARDLY REVISED JOBLESS CLAIMS FOR LAST WEEK!

And the Philadelphia Fed has a BIG swing and miss. Survey was for a print of +10.0 and the actual print was -5.8!

Like Col. Kilgore, Fed Chairman Ben Bernanke is smelling QE in the morning.

While I might say to Bernanke that further Fed intervention is futile and dangerous, Bernanke would likely reply “Charlie Don’t Surf!”

[whitedog57]

I heard this economist on The Mike Church Show this morning. Here is his update of our dismal economic reports. And he discusses Bernanke likely doing QE3.

GREAT charts!!!!!!!!1

Acropolis Now!

[KarlInOhio]

And initial jobless claims came in higher than forecast. BUT EQUAL TO THE UPWARDLY REVISED JOBLESS CLAIMS FOR LAST WEEK!

So does that mean that next week the upwardly revised jobless claims for this week will be higher than the upwardly revised jobless claims from last week?