Rate Update November 24, 2008
Mortgage rates are essentially unchanged this morning.
Stocks rallied Friday afternoon and continue to rally this morning. The stock market is happy to see the government’s announcement that they will provide a lifeline to Citibank.
Furthermore, president-elect Barrack Obama said over the weekend that he hopes to pass a $500-$700 billion stimulus package as soon as he is sworn into office.
Good news for stocks is often bad news for mortgage rates so we’ll have to see if mortgage rates can hold their ground.
For now we’ll shift into a neutral outlook.
Current outlook: neutral
Posted: November 24th, 2008 under Rate Update.