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Oil gushes $2.88 to $115.68 up from today's low of $111.64 giving more downside pressure to stocks. Mortgage bonds still hovering near unchanged levels. Federal Reserve member Richard Fisher says inflation pressures spreading beyond food and energy. Today's Interest Rates Conforming 40 yr Fixed------ 6.875% Conforming 30 yr Fixed-------6.625% Conforming 20 yr Fixed-------6.625% Conforming 15 yr Fixed-------6.125% FHA 30 yr Fixed------------------6.500% VA 30 yr Fixed--------------------6.500% FHA Jumbo-----------------------6.750% Reverse Mortgage for those 62 years or older-----Fixed HECM 6.06% Credit and LTV restrictions apply. Rates are subject to change daily. Equal opportunity lender Bond Market News for today Mortgage Bonds are trading slightly lower this morning, after the Producer Price Index came in at the biggest year-over-year gain in 27 years. The Core PPI, which excludes volatile food and energy prices, also came in at the biggest year-over-year increase since 1991. Despite these hot inflation numbers, the recent drop in oil prices is helping Bonds shrug off much of the negative news. Also this morning, Dallas Fed President Richard Fisher will speak on the economy, and his comments may impact the market. For now, I recommend continuing to float. As always, I will keep you posted of any sudden changes. Today's Quote The most wasted of all days is one without laughter. e e cummings (1894 - 1962) . |
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