Florida Mortgage Market – Week in Review

by Florida's #1 Mortgage Planner on March 23, 2008

Last week was another wild ride as we expected.  Once again, on several occasions, the "mood swings" were even intraday, so I hope you were holding on throughout the week.  The good news is that bonds ended the week in much better shape and rates dropped about .25%as a result.

The week started with the Fed making some unusual moves, including brokering the Bear Stearn’s deal and a cut in the discount rate.  They again cut rates .75% on Tuesday, but it was slightly lower than what the markets had been expecting.  Stocks, nevertheless, had their biggest rally in 5 years and bonds dropped on the day.

Other market moving news was the earnings reports of Lehman Brothers, Golman Sachs and Morgan Stanley, all beating expectations.  The OFHEO also decided to lift the capital restrictions on Fannie and Freddie, allowing them to take on $200B more.

So, the seesaw movement continued and may even continue through next week, so check out the Forecast for the Week for more details.

Leave a Comment

Previous post:

Next post: