Lowest Fixed Rates in a Year!
Good morning gang,
Some good news coming amongst the gloom and doom in the real estate markets is that conforming fixed rates have moved to their lowest levels in a year!
This has the benchmark 30 year fixed teetering right at 6.0% and very close to going into the high 5's.
Before we see rates get any lower mortgage bonds need to trade past some significant technical resistance and we also have the next meeting of the Federal Reserve Open Market Committee next week. Remember, mortgage rates actually edged higher in the weeks following the last Fed rate cut to their Overnight Rate.
We are at an important nexxus and will have to see what this market brings us in the next couple of weeks.
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