The Mortgage Man

Get more out of your mortgage experience!

Monday October 6, 2008

Mortgage rates are down and so is the stock market.

Stocks are down today amidst continued concerns for global economic slow downs.  As of 9:24 A.M. (Central Time), the Dow has dipped below 10,000 for the first time since October 2004.  According to traders, this is due, in large part, to the increased uncertainty of the global economy and corporate earnings as we begin the 3rd quarter corporate earnings season.

As usual, when there is a selloff in stocks, people tend to move their money over to bonds, and today is no exception.  Mortgage bonds are up over 70 basis points leading to stronger monrtgage rates this morning.  If you were waiting to lock your loan, today would be a good day for it considering the major move of the index over levels of resistance.

You can see where today’s rates are currently at SteveRussellOnline.com.

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