What will mortgage rates do on Wenesday? Mortgage professionals are voting in our daily poll.
Rates have dropped today, with the exception of the 5/1 ARM, which has nudged up a bit. Investors have shifted thier focus out of high-risk investments, such as commodities and stocks, and are more interested in Treasuries and low risk bonds. This trend began over the last several weeks, and became more evident over the last four days. The stock market gains is having a converse effect on the bond markets. On a broader spectrum, it seems to be that there is a global re-pricing strategy at play. China's attempt to stabilize the currency rate is putting pressure on emerging markets around the globe, which means that as China's currency deflates, the ripple affect will likely be seen across all global currency rates, increasing the risk of inflation. All in all, it is not a good indicator of economic growth by any means. Domestic data released today paled in comparison to global happenings. While all of this turmoil is not great news for the economy, the mortgage rates are seeing a positive impact.
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Displaying rates for Mortgage Refinance in CA for $200,000
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