US Credit Rating Downgraded
Last Friday, Standard and Poor lowered the US Credit Rating. As a result, we are seeing a signficant selloff in today’s stock market. Suprisingly, longer term bond yields (related to mortgage rates) have actually fallen as a result of the lowering. This will help our mortgage rates remain favorable at least for the short term. Eventually however, there may emerge more pressure for mortgage rates to rise if Congress is unable to make siginficant progress with our deficit reduction. For now at least, mortgage rates remain at their all time lows making it an outstanding time to get a mortgage to purchase or refinance your home. Contact John for more details….
