Weekly Mortgage Market Update Provided by Virna Brown of Guaranteed Rate
This Week: today the bond and mortgage markets are closed for Columbus Day but the rest of the markets are open. Over the weekend France and Germany announced they would re-capitalize Europe's banks in a major move to fend of Greek default, or at least put it off a while longer. On the news Europe's stock markets rallied and the US stock indexes also improved. Interest rates in Europe are about 3 to 5 basis points higher in yields, if our bond market was open today the 10 yr and mortgages would be starting the day lower in prices and higher in rates.