I have got to level with you, I am beginning to get a little hoarse from shouting off the rooftop of my office complex.
"HEAR YE, HEAR YE: RATES are AS LOW as they HAVE EVER BEEN."
Yesterday's China news moved things when investors salivated over the incredible opportunity to sell our goods and services to their ever increasing "middle class" if the value of the YUAN was to increase since they were "unpegging" it from the dollar.
That was yesterday. Reality set in that China will not likely let the value of the YUAN get too inflated vs the dollar since they have such a HUGE investment in the dollar...still.
MONEY POURED back into the bond market today.
40 BILLION worth of t-notes were auctioned with really low yields offered meaning there is still a HUGE demand for "safe" places to put money and the dollar picked up some gains today.
The FNMA 4.0, the FNMA 4.5% and other mortgage backed securities reaped the benefits. FNMA's 4.0% bond actually closed UP 44 basis points on the day today putting 30 year fixed rates SQUARELY in the mid 4%- range.
I promised a client that if rates got to the 4.5% range again, I would eat my hat. It was delicious.
Have a great eve!
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Chad Schauers
Montana Mortgage Lender, Bozeman, Montana
Personal Cell: 406 799 8613
Personal Email: metchad@gmail.com
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Chad Schauers
Montana Mortgage Lender, Bozeman, Montana
Personal Cell: 406 799 8613
Personal Email: metchad@gmail.com
