Fixed mortgage rates are slightly lower than yesterday.
It has been a very volatile year with unprecedented financial events scattered throughout…so it is no surprise that we end this year with more volatility. This time the volatility is welcome as Bonds are trading up over 50 basis points on the reiteration of the Fed’s resolution to purchase $500 Billion of Mortgage Backed Securities by June 2009. This news is great for Mortgage backed Bonds and we do expect rates to continue to decrease into the New Year; albeit with some more volatility riding in its wake.
We wish all of you and your family a safe and Happy New Year!!!
Current outlook: floating long term but ready to lock in gains on shorter closings