What a week. Lots of drama, major market volatility, cold weather, hot weather. If you throw in the kitchen sink you have got it all.
First the news. President Trump asked then FBI Director Comey to stop his investigation of Mr. Flynn and Russia. Headlines went flying. This week's Trump headlines has investors concerned about the White House's ability to implement its agenda. No tax reform means no economic gains for companies that would help to fuel economic growth. A few Fed members said maybe it was too soon to raise rates again in June, as more weak inflation and economic data continues to be released. The dollar got crushed.
The Dow went on a wild ride. Dropping over 370 points one day to a low of 20,577 from the week's high of 21,000, to close at 20,804. One certainly needed a strong stomach this week.
The dollar continued to drop, to a 6 month low.
Oil closed over $50/barrel but was largely ignored this week.
The Ten-Year bond yield was the beneficiary this week closing down over .10% after touching a low of 2.20% as investors were chased back into safe haven investments. Even the rally today in equities was not enough to shake the yield.
Mortgage rates were also the big winner this week. In some cases, banks dropped their rates by as much as .25% . Unfortunately, most of these banks had the highest rates. The direction of mortgage rates has taken a turn in the past 10 days. A month ago we were worried that we would see 4.5% fixed rates and now they are at 3.75% and dropping. It's a wonderful life in the mortgage world!
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