According to one of my information programs fixed mortgage rates are down slightly this week over last week while adjustables are up slightly to no change. At the same time, both of them are down substantially from last year at this time.
Continued pressure on the economy may continue to drop rates. It is my feeling the biggest wild card out there is energy. If oil starts up again and fuels (pun intended) inflation, we could see bond sales falter. If that happens, rates will go back up. If, however, oil prices stabilize and the economy sees a leveling, and the Fed increases the discount rate, bond prices could go up bringing rates down.
It will continue to be an interesting market. Hang on for the ride.
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