Rate Update December 10, 2008

Interest rates are moderately lower than yesterday after a bad day in the stock market may have pushed more demand to bonds.

 No economic news is scheduled today so we will continue to look at the stock market for any movement.  So far this morning the stock market is trading up, possibly due to oil prices on the rise and the hopes for a government bailout of the three major US automakers. 

Today, there will be an auction for $28 billion dollars of 3yr-Notes that may drag demand down on the bond market.  If that holds to be true and the stock market continues to rally, we may see rates move higher this afternoon.

 Buyers looking at a short timeline may want to lock in the good rates now.

 Current Outlook: neutral but ready to lock short-term

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.