All eyes are on the Federal Reserve's Ben Bernanke. The benchmark 10-year U.S. Treasury yield pushed below the psychologically important 2 per cent level and finished last week at 1.99 per cent. A surprise drop in consumer confidence hasn't helped markets either and appears to have encouraged selling pressure to accelerate. Spanish woes and the Easter-delayed reaction to the previous week's disappointing U.S. non-farm payrolls report added to worries that sentiment of the U.S. recovery had been overstated. Hence, mortgage rates will continue to stay low for the near term.
- George Moore, Senior Vice President, Tidewater Home Funding, LLC