10/22/07 Market Snapshot
The 10 yr. bond yield dropped last week due to a combination of weaker than expected economic growth, stable inflation data and an increase in political tension around the globe. The lower yield caused mortgage rates to drop for the week. The political tension caused a flight to quality as we saw money flow out of stocks and into bonds. With no economic news being reported until Wednesday of this week, we mortgage rates should continue to be stable.