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Market News

         For the first time since December, the bond market is closing the credibility gap with Ben S. Bernanke and signaling its agreement with the Federal Reserve chairman that an economic collapse has been averted and that interest rates are bottoming.

Treasury yields rose 0.33 percentage point on average through April 4 from this year's low of 2.49 percent on March 17, according to Merrill Lynch & Co. indexes. The increase is the first since December, when the Fed cut its target rate for overnight loans between banks and said lower borrowing costs``should help promote moderate growth.''

"There is a sense of stability returning to the market," said John Hendricks, who helps oversee $137 billion at Hartford Investment Management Co. in Hartford, Connecticut. "Bernanke's comments that there's a significant amount of monetary easing already in the system and you've got these other measures coming into play as well that should help the economy rebound in the second half."
Today's Rates
Product              Rate              APR
3/1ARM                          *5.375%               *5.453%
5/1 ARM                         *5.750%               *5.828%
30 Yr. Fix.                       *5.750%              *5.828%
*Rate is based on 20% down payment
*APR is based on $250,000 loan amount