The stock market has been selling off with growing fears that the housing market is going to place the entire country into a steep financial tailspin. Combined with a dramatic rise in oil prices many investors have been searching for some good news. Today the market delivered good news on many fronts. Wells Fargo reported earnings above expectations and indicated a strong first quarter for their mortgage business. J.P. Morgan also reported strong financial numbers, despite a challenging credit marketplace. The CPI report left the door open for the Fed to cut rates by fifty basis points later in the month and IBM beat many analysts expectations with strong international growth adding to their revenues. The stock market moved up sharply with good news, but the downside is mortgage rates are now also trending up.

4-16-2008©LowRateMortgage.com

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