December 8, 2008
December 8, 2008 by admin
Mortgage rates have moved higher over the past week following a lead from the stock market. The stock market jumped in early trading as expectations that the government could be moving forward with a bailout for the auto industry provided optimism for the economy and slowing down future job losses. The ten year bond opened the day at 2.72%. still hovering near 2008 lows. Fixed mortgage rates have moved up over the past week as the spread for mortgage backed loan securities is again growing wider.
President elect Obama has promised a broad and aggressive plan to help the ailing economy including proposals to spend money on infrastructure. The plan could reach 1 trillion dollars in total as he works agressively to pull the country out of it’s deepest recession since the great depression. Global stocks have also rallied on the news of the U.S. spending plan.