The mortgage market continues its Yo-Yo pattern and we saw a full .5% in rate come off the 30 year fixed mortgage this week.  Looks like we’re settling down at 6% after a week or two of rates closer to 6.625%.

I’m starting to notice that the normal market relationship between equities and bonds is returning.  USUALLY when stocks go down, rates also go down, and when stocks go up…rates follow suit.  The last 6 weeks have completely departed from this dynamic, as all markets were frantically selling all things at all times. 

I think that now the election has happened, the markets are still very weak, but at least we have some kind of focus in place.  President elect Obama will give his first press conference today and it will be completely about our domestic economic situation.  Hopefully this will bring even more stability and predictability to the markets.

James Adair, MORTGAGE MANAGER  | Mortgage Trust, Inc.

tel:: 503.282.5626    mobile:: 503.957.8315    fax:: 503.288.1875

www.PDXhomeloan.com

Related posts:

1. Mortgage Rate Update - October 24
2. Mortgage Wrap Up October 18 - It’s a Fixed Rate World
3. Mortgage Market Guide for Week of March 3rd
4. Portland Mortgage Brokers state of the mortgage union
5. Mortgage Market Guide for Week of March 10

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