Rate Update June 29, 2009

Link to the “my sabbatical” section of my blog.

Fixed Mortgage Rates are unchanged from Friday.

The Chinese Government made reassuring comments over the weekend regarding their appetite for US debt which is helping mortgage rates this morning.  As you may recall China is one of the largest buyers of US debt.  Recently there has been speculation that they would reduce their demand for US-denominated bonds because of the massive amounts of debt that the US government is amassing in order to stave off economic disaster.  Their comments are assuring investors this morning which is why mortgage-backed bonds are trading modestly higher.

The market is volatile but for now we’ll continue to float mortgage rates.

Current Outlook: Cautiously floating

The views and opinions expressed in this site are those of the author(s) and do not necessarily reflect the official policy or position of Cherry Creek Mortgage Co., Inc. This is for informational purposes only. This is not a commitment to lend.