November 3rd Market Update: Did I get elected?

Good Morning

I hope everyone got out and had a chance to vote yesterday. There are plenty of times when I think to myself, why does my one vote matter? Then I think about all the countries in the world who don’t allow their citizens a right to vote and realize how lucky we are to get a choice. I hoped there would be a massive write in vote to get me elected to something, even though I didn’t run for anything but, it wasn’t meant to be. Oh well.

So, rates have tentatively dropped back to their lower levels after a volatile week in the market. Will they hold or revert back, that’s anyone’s guess with the potential for a major move coming later today when Obama speaks to the nation slightly before the Federal Reserve releases their monthly statement. The speculations over the past week about the Fed’s statement has been one of the main factors in volatility and we will just have to wait and see what comes about this afternoon for direction going into the rest of the week.

If you’re sitting at home wondering what Freddie Mac is forecasting with the housing market, you can read it here.

Have a great week.

Rates: 30 year fixed at 4.125% and the 15 year at 3.50%, FHA: 4.25%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing