Imagine you had a Slip ‘N Slide on a hot summer’s day at the top of a steep hill. As a matter of fact, imagine that it was at the top of the steepest hill you have ever seen in your life. Now, imagine that you were at the top of the Slip ‘N Slide wearing a shirt that said “mortgage rates” and you slid down that bad boy head first. That’s kind of like what we’re experiencing right now in the mortgage world (minus the shirt that says “mortgage rates”).
As concerns of the fiscal cliff persist, stocks have gone tumbling, and the early indication is that today could be more of the same. As a result, investors are moving to the safety of treasuries, and MBS prices are on the rise, which leads to improved pricing on rate sheets.
What’s Up on Wall Street?
The Dow Jones Industrial Average gained 1.97 points (+0.02%), while the Nasdaq also went up 14.72 points (+0.51%). Likewise, S&P 500 increased 4.45 points (+0.32%).
Here are some of today’s mortgage rates:
- 30-Year Fixed Mortgage: 3.375% (3.618% APR)
- 15-Year Fixed Mortgage: 2.75% (3.22% APR)
- 7-Year ARM: 2.50% (3.103% APR)
Here are a few links to some of today’s financial articles. Be sure to leave a comment below if you know of any additional financial articles that are trending today.
The New York Times