Mortgage Report: Week of March 5th - 10th
The bond market rallied last week and sent interest rates south. When there is a meltdown in the stock market, mortgage backed securites are usually purchased at least temporarily. With the dow down over 500 points last week, rates certainly improved to new levels not seen since last year. The 10 year yield fell from 4.68 down to 4.52 and that really affected the market positively. Market experts predicted that the recent seven month climb seen in stocks was unusual and bound to be volitile months ahead. The current 1000 day streak without a 10% decline was the second longest in history. Experts knew that stocks needed to regroup before heading north again. It's a good time to lock in your rate before the stock market begins to rebound.
Best,
Steven
