myJason.com

Jason's Blog

Image via Wikipedia

Tuesday we watched the stock market closely as Monday the Dow Jones Industrial had just experienced the biggest point loss ever. Some people were calling it Black Monday. Thinking that when the Dow lost 777pts more people would be buying bonds, I held off expecting 30 year conventional fixed rates should move lower than 5.625%. We soon learned that no one was buying bonds. They had been taking their money out of the stock market and putting it under their mattresses. Mortgage rates actually increased about a quarter percent that day. Luckily I had talked to Kerry at Countrywide about locking in at the first notice that rates were going up and so we were able to lock in at 5.625% before it was too late. This is a very good interest rate, about half a percent lower than when we were putting in our first offers on homes in August.

Related articles by Zemanta

• Stocks Have Record Plunge After House Vote
• Stocks Plunge; Black Monday 20 Yrs Ago
• Data Points: One-Day Stock Market Losses
• Could the crash of ’87 happen again?
• Stocks slide ahead of Senate vote