As of right now at 7:47 am, the market is slightly up. There is no significant news due to be released until Thursday with the Federal Budget, then Friday with retail sales to be reported.
In the news this morning the US auto makers are trying to get in on the bail out plan, and the government has decided it is a good idea to put even more money into AIG. It seems we are back to bread lines, only it is big business in line for billions instead of the working class in line for basic necessities. We will see how the government interference plays out in the market. It has proven to make Wall Street very volatile so far.
As far as rates go they are very good right now. If you are not locked and you are closing your loan within the next 15 days you may want to lock, with the market being slightly up right now, just in case the market swings. However there is no real change in the performance of US companies. I would float if you are not faint of heart, and are willing to take a risk. Friday will tell if consumers are spending again buying American products. If that report comes in above expectations the market will improve and rates will go up, if it comes in low (which I feel is very likely) rates will get better.
Right now investors do not want to put there money in stocks, and investing in real estate loans is not that appealing either. Rates change based on what Wall Street is willing to pay for your loan. I'll keep you updated through the week as things change.
30 year fixed rate
5.875% @ 1 point ( 6.084% APR )
30 year fixed FHA rate:
6.375% @ 1 point ( 6.593% APR )
Today's News
AIG, Fannie Mae, General Motors, Circuit City in focus
U.S. stock market futures climbed, with commodities and their extractors getting a lift from a China stimulus package worth over $500 billion, as American International Group received a revamped bailout package.
Fannie Mae (FNM:FNM 0.75, +0.01, +1.6%) said its third-quarter loss widened to $29 billion, or $13 a share in its fiscal third quarter ending Sept. 30, from a loss of $1.52 billion, or $1.56 a share in the year-ago period.
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