Good Afternoon,
I hope that this note finds you well and having a fabulous Wednesday so far.
In the markets, stocks enjoyed a good day yesterday and Mortgage Bonds were pushed lower, on the heels of a better-than-expected Consumer Confidence Report. So far today, Stocks are treading water, but are hampered by talk of General Motors heading for bankruptcy.
In other news, Existing Home Sales came in higher than expectations. Additionally, the inventory of unsold homes rose slightly, but is still well below the 11-month supply level seen last November.
Overall, Mortgage Bonds have fallen significantly the last couple of days and prices appear headed down to the next floor of support. Therefore, I recommend LOCKING your mortgage rate at this time as rates appears to be headed up for the near future. I will continue to monitor the situation and keep you posted of any major developments.
In the meantime, I hope that you enjoy the rest of your day. If there is ever anything that I can do for you, please let me know.
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