Today the stock market opened down. At the time of this report it is down 255 points. There is a lot of economic reports due out this week which can have an impact on mortgage rates.
According to Rueters:"The New York Federal Reserve's Empire State factory index fell to minus 34.65 -- the lowest in the history of the index, which dates back to July 2001. It was down from January's already contractionary reading of minus 22.20."
The FOMC meeting minutes from the last meeting are to be released Wednesday.
January housing starts come out Wednesday morning and CPI is due out on Friday.
Today's short term and long term trends lean towards floating.
* Please note that if you have a mortgage interest rate and monthly payment you are comfortable with you may want to consider locking that rate. It is very difficult to predict the market in these very volatile times. Most lenders have a rate renegotiation policy. Contact me for details.
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