Conforming rates (on loans up to $417k) are down about .25% and Jumbo rates (on loans above $417k) are also down about .25% this morning following the Fed’s surprise intermeeting rate cuts. They came on the back of non-US equity markets dropping 5-10% yesterday and the Dow opening down 464 points. The Fed cut both
Dow
Fixed and ARM rates are up about .125% this week, which isn’t bad after continued stock strength pulled money from bonds – and when bond prices drop in a sell-off, yields (or rates) rise. This is a huge week for markets, with quarterly earnings reports due from 106 S&P 500 companies and 12 of 30
Rates/commentary for the week of January 19, 2004. Tuesday should kick off with rates about .125% higher than last Friday, but still hovering around all-time record lows set last May. The main reason for a higher open is from Treasury and mortgage-backed bond investors selling to take profits after a week-long rally and before the