Last week’s rising mortgage interest rate market was very short lived. Comments by the Federal Reserve Chairman and some less-than-stellar economic news from a couple of very large US companies has sent the stock market lower and the bond market soaring once again.
Ben Bernanke made some news yesterday by indicating that inflation is currently in line and could possibly go down in the future. As you know, low inflation is the key to low mortgage interest rates. Couple that with McDonald’s and 3M indicating that the economy might not yet be ready to take off and you get money to flow out of the stock market and away from the gold market and back into the bond market. This has once again sent mortgage interest rates below 5%. Enjoy this time.
Have a great day!
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