Rate Update October 22, 2008

Posted on by Evan in Rate Update

Mortgage rates have improved again this morning.

Led by steep losses on the part of Wachovia Bank the stock market is trading lower again today.  The selling pressure in stocks is helping mortgage rates to improve in the absence of any economic data.

Further helping mortgage rates is lower oil prices.  Oil is now trading down around $69/ barrel.  Lower oil prices is anti-inflationary which is why rates benefit.

Current outlook: floating

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