Good Morning Everyone,
Hold on to your hats because they may fly off as rates drop today. All indications of rising rates due to inflation were deterred and reversed this week after the FED meeting on Wednesday and thanks to the extremely low Consumer Sentiment Index today. It seems that surging prices and increased job losses are taking a toll on Americans. Consumer spending is a little higher than expected, but that is primarily due to the tax rebates and it is not fooling investors.
Simply Put: People are not spending and are not confident in our economy, which helps to drive interest rates down.
The 10-year Bond yield just dropped to 3.988 (-0.0450) and it seems that it is continuing to drop. The 10-year Bond is the benchmark for long term fixed mortgage rates.
Feel free to contact me with any remortgage or refinancing questions.
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