Interest rates may hit their lowest point since November 2010.
The Federal Reserve Bank this morning cancelled their bond auction, catching the Bond Market by surprise. Initially, there was an official "No Comment" on the cancellation by the Fed, but shortly thereafter, the reason was given as "market volatility." I've seen nothing on Bloomberg yet, but expect something shortly.
Of course, the stock market volatility today is sparked by the nuclear situation in Japan.
Demand for the 10 year bond picked up overnight, and then spiked on news of the cancellation of the bond auction. (Interest rates fall when demand for bonds rises.)
The Dragon Is Friendly Today: What it means to you as an Agent or Borrower
If you're a Real Estate Agent, get on the phone to your borrowers. Everyone has been predicting higher interest rates, and many buyers are on the fence. It's time to jump in the game again.
If you're a buyer, this is the time to lock in an interest rate!
If you're buying in Arizona, call me at (520) 349-9090.
I'm Mike in Tucson, your preferred Tucson Arizona Mortgage Lender.
SUNSTREET MORTGAGE llc ~ Correspondent Mortgage Bank
Offices (AZ) Mesa, Tucson, Sierra Vista, and Nogales.