Financial markets are taking pause today in honor of Good Friday. It was another dramatic week with Ben Bernanke playing John Wayne.
Last week, a share of Bear Stearns traded for thrice the price of the monthly HomeGain AgentEvaluator subscription, this week, it trades around the price of a Starbucks cup of coffee.
Fannie Mae and Freddie Mac agreed to buy a lot of mortgages, $200 billion worth to be precise. This buoyed up the mortgage bonds market and had a positive effect on most mortgage rates.
Let’s lock those rates, now.
I don’t see a whole lot more reward on the horizon and the risk of higher rates will increase next week.
ARM rates are out of whack, again, and the fixed-rate mortgages are the best priced. Continue reading this post