Fixed and ARM mortgage rates opened this week up about .125% following an extremely volatile holiday-shortened trading week. Rates were up and down about .25% every other day. This is a significant swing for a given week, let alone single trading days. This week looks to be more of the same as investors battle over
November 2007
Besides some slight fluctuations, fixed and ARM rates have been steady for 2 weeks at favorably low levels. Rates should remain the same or possibly lower this holiday-shortened trading week. Rates may drop tomorrow because the bond market rallied today. Bonds benefited after Goldman Sachs downgraded Citigroup from a ‘hold’ to a ‘sell’, citing Citigroup
Rates open this week down about .125, with the 30yr jumbo fixed notably below 7%. As I reported already, rates were up slightly last week after the Fed cut the bank-to-bank Fed Funds Rate and the Fed-to-bank discount rate by .25% each. Also the economy added 166,000 jobs in October, more than twice what was