WOW…rates back in the "just over or just under" 5% range for 30 year fixed.
Have you metChad…lately?
FNMA 4.5% : Lost 12 points…after some swings due to the news/rumors floating around today. HUGE auctions of bonds are rumored to flood the market this next week…totaling Ninety-seven BILLION dollars. Expect next week to bring some higher rates as well as some weaker sessions over the next few days. We will likely see bond auctions at record levels as some of the planned massive government spending is supported that way.
DOW: Up 3 points after a HUGE sell-off yesterday. Some feel that the 75 billion dollar mortgage rescue plan announced today has taken some of the fear out of investors for now… Millions could benefit from the new plan and hopefully it will limit some of the volatility in the real estate market.
DJIA 7,555.63 +3.03 NASDAQ 1,467.97 -2.69 SP500 788.42 -0.75
Housing Starts for January reported at 466,000 vs. estimate of 530,000. This was a fall of nearly 17%.
Building Permits at new record lows in January. Starts were reported while Building Permits fell to 521,000 vs. a forecast of 525,000. Remember that fewer starts will allow markets to absorb some of that inventory out there as buyers come into the marketplace.
Minutes from the Fed's January 28 meeting noted that the Fed was more concerned about deflation than inflation with the unemployment rate projected to rise between 8.5 to 8.8% while economic growth shrinks between -0.5 to -1.3%.
Have a great eve!
--
Chad Schauers
Have you metChad?
MetLife Home Loans
406.522.0922
406.522.0924 (fax)
1924 W. Stevens, Ste. 202
Bozeman, MT 59718
Cell: 406 799 8613
ccschauers@metlifehomeloans.com
