Turmoil in the stock market this week was much due to the reports of large banks: Merrill Lynch, Wachovia; reporting major losses in the mortgage portfolio. Since Mid October, most of the major banks have had to report its 3rd quarter profits which were expected low but not as low as reported. One piece of data we consider is at this point, the DOW and the S&P 500 have fallen below their 200-day moving averages. Should they fall much below their current levels, we would expect a continued drop in stocks and mortgage rates should move lower.
Veteran's Day is on Monday, stocks and bond trading will close at 2pm today and regain on Tuesday.
Rates for competitive companies (Remember, this is just a reference point, not a rate quote)
30yr Fixed- 6%
15yr Fixed-5.75%
5/1 Jumbo Interest Only-5.75%
3/1 Interest Only-5.625%
FHA and VA-6.25%
Brad Dinkel
Allen Tate Mortgage Services
704-634-2918 Direct
980-233-3909 Fax
"Focusing on Strategic Mortgage Planning and Wealth Advancement"
To get Pre-Qualified now, click the link below so that I can assist you as quickly as possible:
www.BradMortgage.com
