Apr 29 – Amid worries about jobs, the economy and gas prices, consumer confidence fell in April to its lowest level since March 2003. 

Apr 30 – The U.S. economy grew at a better-than-expected pace in the first quarter, although inventory building grew the headline number of 0.6% a bit stronger than the details would indicate. 

Apr 30 – As expected, the Feds dropped the short-term interest rates by .25%, saying it remains troubled by the economic outlook, but signaling that it now may leave rates steady for while. 

May 2 – The labor market was not as weak as expected in April. The economy lost 20,000 jobs last month, much less than the 81,000 lost in March. 

May 2 – Orders for U.S.-made factory goods jumped 1.4% in March on strong demand for computers and machinery. 

May 2 – Oil closed the week at $116.32 a barrel, down from $118.52 last Friday.
 

Rates ended the week about where they started with a slight increase on Friday because of the improved jobs report. The .25% drop in short-term rates will impact all of us with home equity lines tied to Prime, as Prime dropped by .25% to 5.00%. 

Speaking of Home Equity Loans, be aware that many home equity lenders are freezing their lines of credit and not allowing any further draw down of available loan balances citing decreasing home values as the reason. 

Friday’s 10-year Treasury note closed at 3.86%, down from 3.87% last Friday. 

Have a great weekend! 

Dick 

Richard D. Opal, Sr. Loan Officer 

Weichert Financial Services 

703.283.8484 [cell] 

973.630.5594 [eFax] 

RDOpal@verizon.net 

I appreciate your referrals!!!