Time To Refinance
Stocks fell today (down 219 points) based on the deteriorating financial basis of companies – GE is now under pressure.
Bonds continued their drive to have the 10 Year Treasury below 2.0%. This is amazing and historic by anyone’s perspective.
Oil and gasoline continued their fall in price as the energy market is trying to figure out where to go.
The Dollar and Gold both gave back some their recent loss/gain and acted as most markets act – give back some profit after a huge move.
In the news today…..
The 30 Year Mortgage Rate is 5.06%, and the 15 Year Mortgage Rate is 4.92%. The movement downward of mortgage rates is breathtaking, and these rates are following the US Treasury’s down to new lows. I fully expect the mortgage rates to continue falling in the near term. This is a great opportunity for any of you who are thinking about refinancing to start that process. When the rates get low enough to be meaningful to you, ACT and lock in that new rate.
The Dollar’s fall over the past week against all currencies, but the Euro in particular, has been spectacular. The is a major reversal of the strength shown by the US Dollar over the past few months as there has been a “flight to quality and safety” from around the world into the Dollar. This massive movement is now over, and the Dollar should continue its long journey into devaluation.
Here are Today’s numbers:
Dow Jones 30 Industrial – 8605 (down 219 points)
10 Year Treasury Bond – 2.07% (down 0.12%)
Euro – $$1.4277
Gold – $860 (down $9)
Oil – $38.20 (down $1.86)
Gasoline – $0.96 (down $0.04)
