Market Update of the Week from Nick Russo
September 11, 2013
President Obama spoke to the nation last night and it looks like Congress will be given relief on voting on a Syrian Air strike as he pursues a more diplomatic approach. This causes some shift in the market from stocks to bonds and this is good news for rates. Mortgage Bonds are trading higher putting downward pressure on bonds. Mortgage application volume continues to decline as the refinance index hit low levels not seen since June 2009. There is too much market volatility for buyers to sit on the fence and allow rates to continue to climb and their purchase power to drop.
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