Rate Update Feb 13, 2008
You Tube link to see rate update video: http://www.youtube.com/watch?v=5Bzw02hk71Y
Yesterday it was Warren Buffet’s offer to bail out the bond insurers and today it’s stronger than expected retail sales numbers. Either way the good news for the economy is supporting the stock market which is sucking capital out of the bond market.
Mortgage-backed bonds are now trading about 75 basis points lower than their prices on February 8th. In that time we’ve seen 30-year fixed rates increase .25%.
We feel that mortgage rates may have further to go since there is no significant economic data scheduled to be released the rest of this week.
Watch today’s you tube video to learn what other notable news is taking place today.