Rate Update November 6, 2008
Mortgage rates are essentially unchanged this morning.
As expected both the European Central Bank & Bank of England cut their respective short-term interest rates over night. This is friendly news for US mortgage rates.
The big focus for us is the jobs report due out tomorrow. For an explanation on why this report is so important for mortgage rates please read this link. For a summary on what our expectations are please watch today’s you tube video.
Current outlook: cautiously floating so long as bond prices remain above the 200-day moving average