Mortgage Weekly Update - Last Week in Review
Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. Compared to past years, interest rates are still very low. But the only news we hear from the media is gloom and doom for the housing market, though some experts predict that the worst is over. Home loan rates improved for the week....our recently overheated Stock market suddenly took an icy plunge lower last week. Just as quickly as the Dow had cracked the record level of 14,000, Stocks reversed course and lost 586 points for the week overall. The big cool down was triggered by a few different factors, including several weak Stock earnings reports and continuing concerns about the backlash from the subprime mortgage situation and tightening mortgage credit. And when the mood in the Stock market went sour, it happened fast - Traders and investors unloaded Stocks hand over fist.
But when they sell off Stocks, that money has to get parked somewhere, right? The glad beneficiary of the selling was the Bond market. As money flowed out of Stocks and into Bonds, the Bond market overall enjoyed a move higher with the influx of money, helping home loan rates stabilize and even improve very slightly.
Read the entire report here.
- Foster Weeks
posted by SFResidence.com @ 8:34 AM
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