Mortgage rates are still low
Mortgage rates are still low - national averages for 30 years fixed is at 4.88 percent according to bankrate.com
Mortgage bond prices rose last week pushing mortgage interest rates lower. We were negative through Thursday as stocks performed generally well until Friday's data was released. Fortunately bond prices surged higher Friday morning following the weaker than expected payrolls component of the employment report. In addition, news of a troubled Hungarian economy reignited global fears and resulted in flight to quality buying of US debt instruments. Stocks fell precipitously Friday. Rates fell by about 1/2 of a discount point for the week.