Thursday was a brutal day for global stock markets. The euro zone crisis led the sell-off, and the dismal Philadelphia Fed index of manufacturing report exacerbated the negative sentiment. The Philly Fed index plummeted from 3.2 to -30.7 in August, with every sub-component turning negative. Immediately following this report the yield on the 10 year note fell to 1.97% and finally closed the day 2.06%. This morning bonds are slightly worse with the yield on the 10 year currently at 2.10%, as stock markets seem to have found support---so far. We will have to wait and see how the day progresses.
With home prices low and mortgage interest rates are at historically low levels, first time home buyers and move-up buyers have a great opportunity to get the home for which they have been waiting.
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