Rate Watch update

February 8th, 2010

Happy Friday February 5, 2010

Mortgage rates enjoyed a slight improvement this week, on the back of the ailing stock market.  When stocks tank, money tends to flow into the bond market as a “safe haven” and mortgage rates benefit, if only temporarily.   With not much economic news due next week, we should enjoy at least a week at these levels.  30-year conforming hovering right at 5.000%.

Signs of new life emerging in Jumbo financing.  It’s estimated banks are sitting on $1 Trillion in reserves, so we should begin to see some new entrants competing for this business in 2nd quarter.

Have an awesome weekend, let me know if I can help you or someone you know with any real estate financing.

Mike

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