Mortgage Rates are flat to slightly lower from last Friday. This is due to global central bank’s aggressively tightening money supply and raising rates to fight off inflation. This tightening points to a reduction in global economic growth outlook, and as a result there is a flight to the safety here in the US Capital Markets. It’s this flow of new capital from global investors to US Treasuries and Mortgage Backed Securities that has helped to reduce rates. In conjunction with this dynamic, TODAY stocks are posting the 3rd daily gain in a row with the S&P, DOW, and Nasdaq “currently” posting daily gains > 2%.
Bottom Line: in the short term, floating is recommended. However, with market volatility, this advise could change on a dime, so please stay in touch with me.
SOURCE & AUTHOR |
Keith Murphy Branch Manager – Essex Mortgage NMLS #330827