Las Vegas Mortgage Rates - Stocks Tumble
The stock market is in trouble and mortgage rates are falling. A couple of days ago I wrote a post about the potential for a test of the recent lows in the stock market. It seems as though this may be occuring. The Dow Jones Industrial Averge was down over 300 points today. The recent low was 11,645 on January 23rd and we could see a test of that number next week. If you are in the market for a refinance or a home purchase get ready to act.
My guess is that the Fed will cut rates again at their March 18th meeting. When this happens I would expect that 30 Year Fixed Rate mortgage rates will move higher. The last time the Fed cut short term interest rates 30 Year Fixed rate mortgages did not benefit at all. Rates moved quite a bit higher and the reason was inflation worries.
Mark V Clawson 702-351-7912
