November 19, 2008
November 19, 2008 by admin
The consumer price index (CPI) report was released today and showed what most economists had expected a rapid slowdown with consumer prices, almost one full percent. The market is taking this in stride, and has sold off modestly following a late day rally on Tuesday. The other major report released today was the builder housing start report which indicated building permits were down almost 5% over the month of September and over 30% from 2007.
Mortgage rates continue moving lower with the news. The ten year bond is now below the 3.5% level, approaching it’s 2008 low point as more investors continue to push money into fixed bond securities. Fixed rate mortgage loans have dropped into the low six percent range with the news. The stock market remains extremely volatile as the market reacts to every piece of news.