30 Year Fixed Rate Loan at a Cost of One Point: 4.375%*
Rates remain low as the stock market remains weak. Investors are avoiding stocks, as many continue to fear the dreaded "double dip" recession. And, as we repeat time and again, when money leaves stocks, it often moves to bonds. And, this increased demand for bonds drives up prices for bonds, and interest rates drop. There will be little activity to today, mostly likely, as investors and traders head out early for a 3-day weekend.
The extension of the First Time Home-Buyers' Tax Credit (to September 30th) is for "Closings" only. There has been no extension to the contract deadline of April 30th.
Have a great 4th of July!
Jay Voorhees and Heejin Kim at (925) 855-4491
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