Today's Mortgage and Bond Rates 01/06/2009
Bond Market Rates Mortgage Rates
30 Year Treasury 4.70% 30 year Fixed 5.29%
10 Year Treasury 3.83% 15 Year Fixed 4.73%
2 Year Treasury 1.01% 1 Year ARM 3.91%
3 Month Treasury 0.07%
Other Stats
Oil 83.01 Gold 1.134.40 Dow 10,573.250
It has been 3 months since we posted and wow what a change, The Dow is up 800 points gold is 100.00 higher and oil is banging on the door of 85 dollars a barrel.
Pundits are still saying the economy is rebounding. I must admit that from the financial market stand point it looks better. But looking closer are things actually on the verge of improving? I don't believe so. The consumer is still in total distress. Jobs are still being lost, house prices are still falling.The housing construction and home improvement business are at a stand still. States are facing huge budget deficits and of course the feds are borrowing like there is no tomorrow. I fail to see the improvement.
With the 3 month Treasury at .07% there is still a lot of scared money in the market. Time will tell who is right on this call.
Mortgages still look to be a good for consumers if they can qualify. I sense that rates will be moving higher soon. When the Fed stops purchasing mortgage backed securities in the not to distant future that may be the signal that the party is over. Another warning sigh is that the 10 year is a full 70 basis points higher the 3 months ago while mortgage rates are actually slightly lower.
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