Rates and Stocks…what’s the “Tea”!
The Eagles may be chanting V for Victory, but bonds are chanting V for Volatility. Bonds started lower yesterday then turned and finally jumped with stocks going down in record numbers. Today bonds are down pretty significantly, giving back a lot of the gains from yesterday. They are all over the board these days. It is being reported foreclosures are at 17 year lows which is good news, unless you are trying to score a great deal on a distressed property of course. The big picture still does not look too good for rates so we are still in lock mode because the trend has not been altered just yet. In a high-volatility market, lenders are quick to issues price changes for the worse and slow to give us improvements that would seem prudent so taking a floating stance is risky at best. Have a great Tuesday!!!!
30 Year Fixed 4.500%
15 Year Fixed 4.125%
VA 30 Year Fixed 4.250%
**Rates are subject to change without notice based on market conditions. Rate/APR and terms may vary based on the creditworthiness of the individual. Information provided from True North Mortgage, Jim Roberts and Dan Pareja www.tnmaz.com