Economic Reports March 27, 2008 | 30F 6.000%

GDP | Reported 0.6%  | Est 0.6% | Prior 0.6% | MODEST

GPD Chain Deflator | Reported 2.5% | Est 2.7% | Prior 2.7% | MODEST

Initial Jobless Claims | Reported 366,000 | Est 371,000 | Prior 375,000 | MODEST

The GPD had no effect on the markets since it came in confirming earlier estimates.  Initial Jobless claims were slightly lower than last week and estimates.  The stock market has just been looking for any bit of “not bad” economic news to rally.  Movement in the stock market was at the expense of mortgage bonds, currently -41bp from open.  New home buyers and clients looking to refinance have more to consider than just the lowest mortgage rates quoted in the newspaper.  With uncertainty about RISK scaring investors, locking in your rate and program while they still exist are more important.