Time To Refinance
Stocks and bonds went sideways today. The Dollar was down a little today, and gold recovered half its loss of yesterday – up $13.
Oil continued its fall, BUT gasoline has been stubbornly staying at a higher range relative to oil. This means increases in gasoline prices at your pump. This smells like manipulation of some sort as this type of market movement is out of line with past oil/gasoline relationships.
In the news today…..
Retail sales fell off at a pace that was the weakest showing for retail sales since 1969. Not a good sign for the economy.
US Citizens are borrowing much less on their credit cards last month, and it is beginning to show. This lack of borrowing translates into reduced spending and that is just bad, bad news for the GDP calculation for 4th Q 2008, and ongoing quarters too.
The 30 Year Fixed Rate Mortgage is now 5.01%, and the 15 Year is 4.62%. Time to get those refi’s going!!!!!!
The Bank of England reduced their key lending rate to lowest it has been since the 17th Century – that should impress you.
Here are Today’s numbers:
Dow Jones 30 Industrial – 8742 (down 27 points)
10 Year Treasury Bond – 2.45% (down 0.05%)
Euro – $1.3708
Gold – $855 (up $13)
Oil – $41.70 (down $0.93)
Gasoline – $1.09 (up $0.01)