Video Mortgage and Financial Market Update for Nov 6th

Hello Friends, Wow, ugly days on Wall Street. I think some of the false hope of the election passing made everyone think change was going to happen overnight. We are in a financial mess still and a global recession. The Bank of England slashed their national bank rate last night by 1.50%, similar to our Fed Funds Rate cut last week. This was an unprecedented move and a sure sign of the real mess they are in. It is the lowest they have had this rate since 1955! The European Union cut their rate by .50% last night as well. This has caused the dollar to gain more ground against their currencies and oil dropped by $3, all the way down to $62 a barrel now. Initial Jobless Claims came in higher than expected and with the continuing claims reaching 3.84 million, it is the highest number in 25 years. The good news though outside of oil prices dropping is mortgage rates have maintained their gains and are sitting above an important level of support on the 200 day moving average. So rates are still sitting in the upper 5% range on a 30yr fixed with an APR close to 6%. Please watch the video for more details. Be Blessed!