Rate Update January 1, 2009
Fixed mortgage rates are up slightly from the 31st.
Interest rates are up slightly in the first day of trading for 2009. With the stock market up over 100 points in the first trading day of the new year, mortgage bonds are down about 25 basis points and have given up the small gains they had earlier in the week. We are still optimistic that rates will improve in the coming weeks, but also assume that it will be a volatile ride along the way.
Current outlook: floating