December 1, 2008
December 1, 2008 by admin
The stock market started the month of December on a down note. The market appears to be selling off aggressively following last weeks holiday rally. The market is digesting global news of economic challenges in Asia and Australia as well as local news that factory orders reached a twenty year low. This follows up a nervous weekend following the Black Friday, a closely watched day to monitor retail traffic.
Mortgage rates started the day near 2008 lows. The ten year bond continues to move lower as investors are looking to the security of bonds. Mortgage rates are now well positioned under six percent following the rapid decline started by last weeks Fed announcement of their direct purchase of mortgage bonds. There are a number of key economic reports due out this week that could move the market, including Friday’s jobs report which could have a large impact on stock prices and mortgage rates.