Mortgage Interest Rate Update 5.2.12

ADP jobs report came in way below expectations and US factory orders came in low as well (the biggest decline since March 2009).  Europe stumbled overnight as several countries reported weaker than expected numbers.  Mortgage Backed Securities (MBS) are positive at the open and we may see a slight improvement to terms today (compared to yesterday).  Mortgage rates in general have been stable and lender loan programs remain robust.

At the open stocks are down about 0.50%, gold and oil are down as well.  The soft ADP number may indicate that the monthly jobs report later in the week will disappoint.  If it does we may see improved mortgage rates going into next week.