AgentIndustry News

Weekly real estate rates sink

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The bond rally (and hence, mortgage rally) that began last Friday has grown from short-term correction to something deeper and perhaps more durable. T-bonds reached 4.11 percent, down from last week's post-July high at 4.42 percent, and mortgages are slightly under 5.75 percent. Other markets made huge moves also, all confirming the bond rally: gold is off $22/oz.; oil is still in the low-$40s; and the dollar is in a continuing rally against all currencies. There was not enough domestic economic data to account for these mass reversals, though there was a modest confirmation of last week's poor job numbers: new claims for unemployment insurance are in a sustained rise, have crossed the 350,000/week barrier and reached a 10-week high. The fingerprints of international fundamentals are all over the markets this week. The drumbeat in the background for months has been...dollar crash...dollar crash...dollar crash, as the U.S. tries devaluation as a "cure" for our trade deficit. This we...