23 April 2009 – We are recommending a “floating” stance for mortgage loan locks today. Existing home sales were reported at slightly lower than expected which, although not far from expectations, was still below the quiet optimism that had been building in the market place. Initial jobless claims were in line with market expectations; however, again due to the market optimism the underlying, unspoken consensus was that the number would be better. Adding to the market optimism is the continued stream of positive earnings reports with Apple, EBay, 5/3 Bank, and PNC beating market expectations. This positive stream of earnings reports and expected results in existing home sales and initial jobless claims is causing the market bottom watchers to seriously question if, in fact, we have reached the bottom of this economic roller coaster. So for now, we continue to support a lock “floating” position.