Mortgage Market Update
On Thursday, President Obama announced that he was planning on getting more involved in the financial markets, this time with a proposal to limit the size of banks and their risk taking/profit making strategies. While details have yet to be provided, the stock market did not react well to this news. Bank stocks sold off rapidly as market participants scrambled to make sense of the regulatory proposal. This event turned out to be very supportive of interest rates. We saw a “flight to quality” in the bond market. (information provided by: Jim Van Slyck Home Mortgage Consultant Thoroughbred Mortgage, LLC An Affiliate of Wells Fargo Home Mortgage contact Jim at jim.vanslyck@thoroughbredmortgage.com.)
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