Mortgage rates are relaxing so far today, with rates being the same as yesterday as of now. The big news so far today is that Fannie and Freddie are selling off hard today - FNM is down 15%, and FRE down 30%. These stocks have lost 80-90% from their 52 week highs. There is much concern that they will both need to raise billions in capital to stay afloat.
Fed chairman Bernanke and Treasury Secretary Paulson are speaking today to Congress on the mortgage crisis.
Jobless claims dropped sharply this week, giving some footing to the struggling stock markets. For now, we will watch and wait. Mortgage bonds are trading between long-term moving averages, and a breakout either way will likely cause a follow-through in that direction. Personally, I think we are going to see better rates soon! Please visit me at www.wihomelend.com, or email me at info@wihomelend.com.
Fannie and Freddie, oh my!
2 comments • Jeffrey Stoub • July 10 2008 10:05AMComments
Participate
Post © 2009 Wisconsin Home Lending, Inc.. Design © 2009 ActiveRain Corp.
Logos and service marks owned by copyright holder.
You know they will not go under though! BTW, welcome to AR as well as my reverse mortgage group.
Thanks for the welcome. Both stocks are down another 40%+ today... government might have to take them both over! New mortgage rate report out soon.