The Mortgage Man

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Stocks Will Fuel Mortgage Rates This Week

Stock rallies continue to put pressure on mortgage bonds.

Last week, the bond market looked like it had been in an old fashioned street…..and lost.  The record recovery in stocks had the opposite affect on bonds as they sold off by the droves.  With bonds currently trading near 1 year lows, mortgage rates are likely to continue to have pressure this week.

There is no significant economic news expected out this week.  It is, however, a busy week for corporate earnings reports.  These earnings reports will determine the direction of the stock market, and in turn will determine the direction of bonds.

Because we have had such a major sell off recently, i recommend floating your mortgage rate until we see what will happen with corporate earnings throughout the week.

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