Daily Market Update 11/28/08

Mortgage rates were little changed Friday in a shortened session. The mortgage-backed securities market will close at 2:00 PM et. Stocks were mixed. No major economic reports are due out today.


  1. Thanks Alex. 30-year fixed rates are already at or below 5.50% as of today. I usually try to avoid making specific predictions on rates, and certainly anything can happen, but it wouldn’t surprise me to see rates approaching 5% in the next few months. Inflationary pressures have completely dissipated in the past two months, and deflation is now a genuine concern. We hit 5% in 2003, when the economy was in much better shape than today. I believe lower mortgage rates and bargain home prices will turn the market around in 2009.

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