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Rates drop today

November 5th, 2008 | Author: Adam

The votes are in!   Barack Obama has been elected as the 44th President of the United States, winning both the majority and the popular vote.  President-elect Obama will have his work ahead of him as his administration takes on the current economic conditions. 

Mortgage bonds are following through on yesterday’s huge rally, and are getting an additional boost from today’s weak Employment Report.  ADP reported that there were $157,000 jobs lost in October, the most in 6 years and was larger than the 100,000 job losses that were expected. 

Stocks are down this morning and this is providing a boost to Mortgage Bonds as well. 

Though the current trend direction is higher, right now rates are again at the 6% range (down from near 6.5% from last week).   

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