Mortgage Report: Week of March 12th - 17th
A meltdown of the sub-prime market captured headlines all last week. Several companies refused to accept any new loans and some closed shop. For the most part, I do not deal with the sub-prime market(The sub-prime market is for borrowers that have credit scores below 600), so their recent contraction and blow up will not affect Manhattan Mortgage. The majority of my clients are A-paper and have good to great credit scores. U.S. stocks were firmly lower today after weaker-than-expected February retail sales fueled concerns about growth. As I've stated many times before, when there is weak or negative economic news, treasury bonds tend to rally, which sends yields lower, and hopefully will improve rates by .125%.
Please email or call me if you have any mortgage related questions.
Best,
Steven
