Rate Watch - Chris Jones Group
Nothing brewing today in the mortgage industry. The collective breath of the market is being held on news from the Federal Reserve. Chris Jones explains the most up-to-date happenings:
Earnings downgrades from Alcoa and AMD are hurting the stock market open, and bonds are doing fractionally better this morning. Nothing spectacular, but every little bit helps. The big news today will be the release of the Fed Minutes - that’s right, what matters most to the markets is not the actual results of business decisions, but what the Fed thinks about the economy going forward. The bond market is pricing in a 60% chance of a .50% rate cut when the Fed meets later this month (that will NOT reduce bond rates and will NOT reduce mortgage rates, a thing we’ll explain another day), so we’ll see what the Fed Minutes have to say about the possibility of that. Where the market will go is anyone’s guess.
My guess is we’ll go nowhere today. Right now we’re solidly in the 5.875% area for a 30-year fixed loan for someone with decent credit, some equity, and a job.
If you have any questions regarding the mortgage or real estate industries, please get in touch with us!
Jimmy Rex was the Keller Williams Regional Rookie of the Year in 2006 and sold more than 100 homes.