Friday, November 28, 2008

Daily Market Update 11/28/08

Mortgage rates were little changed Friday in a shortened session. The mortgage-backed securities market will close at 2:00 PM et. Stocks were mixed. No major economic reports are due out today.
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2 comments:

Alex Davis said...

Don, nice blog! Some folks in the industry are telling me that 30-year FRMs are going to go below 5.5 percent in the coming months. Your thoughts?

December 1, 2008 at 11:01 AM
Don Rupert, Reg. #33730 said...

Thanks Alex. 30-year fixed rates are already at or below 5.50% as of today. I usually try to avoid making specific predictions on rates, and certainly anything can happen, but it wouldn't surprise me to see rates approaching 5% in the next few months. Inflationary pressures have completely dissipated in the past two months, and deflation is now a genuine concern. We hit 5% in 2003, when the economy was in much better shape than today. I believe lower mortgage rates and bargain home prices will turn the market around in 2009.

December 1, 2008 at 11:27 AM

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