A lot going on in the market right now. First the big news over the weekend...The Fed cut the discount rate by a quarter and JPMorgan Chase is acquiring Bear Stearn. The Fed's discount rate cut to 3.25% (from 3.5%) should provide banks more ways to obtain short term loans. The Fed will meet on Tuesday to lower the Fed's fund rate...currently expecting a cut of .5%...This would affect the rates given to consumers for short term loans.
The buy out of Bear Stearn has wall street nervous this morning about the financial markets. The Bond Yield is currently at 3.37% and mortgage interest rates have posted out slightly better than Friday. I recommend locking and keeping a close eye on the financial markets today. Anything Goes, expect the unexpected!
Good Luck,
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