What’s the Current Trend in Mortgage Rates?
Mortgage rates remain relatively unchanged.
What’s Happening in Financial Markets?
Thanks to the Euro Drama including the tumult with the elections in Italy and the impending sequestration, stock sell-off yesterday gave the bond market a boost. However, with such knee-jerk reaction in the market yesterday, the bond market stabilized today.
Fed Chairman Ben Bernanke begins his monetary policy testimony. Should he reaffirm the continuance of QE3, stocks could benefit at the expense of bonds.
How Does This Affect My Mortgage Rate?
With yesterday’s upswing in mortgage bonds, there is an opportunity to lock in this small window. Take advantage of the situation and lock. Rates have stabilized today, but tomorrow is a different day.
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