29 May 2009 ? Mortgage rates jumped about a full half point within one day. This is the biggest one-day jump I have ever seen-from 4.75-5.0% up to 5.25-5.5%-bad news for anybody sitting on the fence and not locking a rate, ?waiting for rates to go down even further.? The New York Fed bought up over $25B of mortgage bonds, trying to push mortgage rates back down after 10-year yield and the Fannie index both dropped significantly Wednesday, causing a sharp rise in rates. This should hopefully bring mortgage rates back down some Friday and Monday. After dipping Wednesday, the Dow is over 8400 again Thursday, after an auction of 7-yr T-bills went fairly well, and energy stocks rallied. It is reported that GM will likely file for Chapter 11 bankruptcy on Monday. They are hoping to restructure to make the company profitable.Email This Post To a Friend.
Mortgage Rates Jumped About Half a Point in One Day
May 29, 2009
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