Mortgage Market in Review
Week of September 22, 2008 Volume 15, Issue 39
Mortgage bond prices rose last week applying a slight
downward pressure on mortgage rates. Trading in the
financial markets remained in disarray. The Dow
Jones index moved more than 400 points, both up and
down, several times during the week. Rates fell
sharply early in the week as traders fled stocks for the
safety of bonds. This money flow reversed Thursday
afternoon after rumors of a massive government
intervention into the financial markets surfaced.
For the week, interest rates on government and
conventional loans fell by about 1/8 of a discount point.
Durable goods orders and new home sales data will be
the most important events this week. The mortgage
interest rate market remains volatile as US Government
officials strive to bring liquidity to the financial
markets.
PHH Home Loans - Plymouth Team
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