Rate Locks Up 30%, But Consumer Fears on Stocks May Hurt Mortgage Business

When the stock market tanks – as it did Monday when the Dow dropped 635 points – it usually translates in the yield on the 10-year Treasury falling, which is exactly what happened. But this time around the decline resulted in the benchmark bond falling to a new all time low – 2.33%, which means mortgage bankers may be in for a boatload of refinancings.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_405/Rate-Locks-Up-30-percent-1026036-1.html

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