Good Morning,
I hope that your Monday is off to a fabulous start!
Mortgage Bonds are trading higher so far today, as Stocks are under selling pressure.
Driving global stock markets lower is news from the Obama administration that Chrysler and GM may require some form of quick bankruptcy to survive. This news has triggered heavy selling of the US dollar and stocks. This is also a reminder that we are still in a severe recession, keeping us near the lowest mortgage rates in our history. While this hurts trement, it will not last forever.
Currently, the Bond is again trading near historical highs. I recommend floating for now, but be prepared to lock in this historic opportunity, because news later in the week may cause an uptick in rates.
If the events of today require a change of course, I will certainly keep you posted. In the meantime, I truly hope that you enjoy the rest of your day. If there is ever anything that I can do for you, please let me know.
Monday, March 30, 2009
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