What a week it has been. The stock market took one of the largest hits in years, the mortgage bond market has deteriorated and the overall economy is looking pitiful. Friday the 10th of October, the Fannie Mae 30 yr. bond took a dramatic 109 basis point drop, which sent mortgage interest rates higher. Now that the bond has fallen far below the 200 day moving average, we are in store for some short term increases in interest rates. Ouch!
visit my site at: www.somloans.com