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