What’s up in the mortgage rate market today?
by Tom on November 2, 2009
in Market Musings
A couple of things that are worth noting:
- Ford announced that they made money. Lots of it. I haven’t heard how much was attributable to the cash for clunkers program, but I expect a substantial amount was.
- The Chicago Purchasing Manager’s Index came in stronger than expected. That’s a sign that the weakness in manufacturing isn’t continuing, at least for now.
- Small business lender, CIT (not to be confused with CITibank) filed bankruptcy. I’ve read some analysts who expect that will have no impact on the credit markets, others who say it will be good, and others who say it will be bad. Have to see.
So what has all of this done to the mortgage interest rate market? Really not much. I guess the best description would be that we’re treading water.
My recommendation remains to lock all loans due to a greater risk of them going up than down.
I’ll have more later. Call me if I can be of help.
Tom Vanderwell
