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| Good Morning Everyone Stocks plunge at open. Mortgage Bonds fell from opening highs but have moved back up to earlier highs. Dollar gets stronger. Oil at $89.94 a barrel down $3.90. Today's Interest Rates Conforming 30 yr Fixed-------5.875% APR------6.186% Conforming 20 yr Fixed-------5.750% APR------5.995% Conforming 15 yr Fixed-------5.625% APR------6.185% FHA 30 yr Fixed------------------5.750% APR------6.066% VA 30 yr Fixed--------------------5.750% APR------6.094% 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 Based on a $200, 000.00, no discount points, .750 point origination fee. Bond Market News Mortgage Bonds are moving higher this morning, as Stock prices are sinking around the world. There's a lot of uncertainty right now about the rescue plan, including whether it will be enough and whether it can help ease worldwide credit and economic issues. Many world banks have pledged to guarantee bank deposits in attempts to ease concerns and avoid runs on banks. In the US, the Fed is prepared to put more money into the monetary system this morning, and some experts are calling for a coordinated effort with worldwide central banks to cut the fed funds and other key rates. This would be seen as a very good move for the markets, since it could lead to lower interest rates and higher stock prices. In the meantime, I recommend floating in the short term, as we monitor the market closely and see if Bond prices can move higher. I will let you know if a change of course is needed. Today's Quote If you're never scared or embarrassed or hurt, it means you never take any chances. Julia Sorel |
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