November 30th, 2007 11:21 AM

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Topsy-turvy week again, there is significant uncertainty in U.S. and international financial markets.  As a result you have probably read or heard about the huge swings this week in the stock markets.  For much of the week there is connectivity between equities (stocks) and bonds (interest rates); if stock prices are going up so are rates and vice-versa as money flows from bonds to stocks.  There has been a few days where both stocks and bonds have improved but not many recently.

 

Next week a lot of data comes out for the economy and the Fed will be watching closely.  Currently the Fed watchers are about 2-1 that the Fed will cut rates once again, because of this the big drop in rates this week shows investors already beginning to price the cuts in.  

 

Moving forward be very cautious and try to get borrowers locked as soon as possible through escrow closing. 

 

No change in Jumbo rates as major financial companies still try to gain any traction in the credit markets, significant drop in conforming.

 

30 year conventional at 1 point 5.625%

30 year jumbo at 1 point 6.625%

 

 

 

We are seeing an uptick in buyers getting prequalified and writing offers...hoping the trend continues through the end of the year and into 2008!

 

Dennis

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