Mortgage rates have improved slightly this week. We could say because construction spending was lower than expected, the housing market continues to flounder, and year to date core personal consumption expenditure price index remains below the Fed’s magic 2% mark for possibly raising interest rates. But, quite simply, a credit market crunch and lower than expected earnings at Exxon led to a large stock market correction. And as money moved out of stocks and moved into bonds the yield (interest rate) dropped. On Friday the all important jobs report will be released. It could calm the stock market and end it’s retreat or interest rates could possibly move lower. As always have your clients remain in close contact with their mortgage professional for the the most up to date news on mortgage interest rates. Thank you for the opportunity to serve you and your clients.
