· The Fed left the rates alone which has caused some banks have put a hold of lending money, even to other banks
· Many investors, in an attempt to put their money in a safe place, gladly accepted yields of 0.02% (lowest yield since World War II) on 90-day Treasury bills
· The S&P 500 financials index fell 8.9% and option prices rose to record levels. The two remaining independent brokerages on Wall Street took incredible drops of -14% for Goldman Sachs and -24% for Morgan Stanley
· Russian continues to suffer from what is being called “the worst financial crisis in a decade”
· Corporate debt yields surpassed numbers from the stock market crash of 1987
· On a positive note, mortgages ended the day at higher prices. Conforming and government mortgage markets continue to have strong liquidity.
· Mortgage yields rose more than Treasury yields at some points during the week but tend to even out overall. Mortgage rates are staying low and lock volume is remaining strong.
As you can see we are meeting and breaking many financial records, some good and some bad. However, despite what is going on in the stock market, mortgage rates tend to still be the positive in the big picture. Stay tuned next week as we continue to take this wild ride together.






Comments