It’s a global economy we live in
Colonel Gaddafi’s crazy exploits, civil unrest in Libya, and demonstrations in the middle east do affect us all.
Here is my overly simplified explanation of how this works. Gaddafi goes crazy and has his troops starts attacking peaceful protestors, commodity traders freak out and send the price of oil through the roof, fear of rising costs to do business – due to oil, causes the stock market to slump, money moves out of the stock market and floods into treasuries, this causes mortgage rates to go down.
It’s a crazy inter-connected global-economy we are living in.
Yesterday the 30 year mortgage rate dipped to it’s lowest point of 2011 and I was able to lock in a few clients at a great rate.
One of my friends whom I am doing a loan for even expressed some feelings of guilt. He is informed enough to realize it’s the turmoil in the middle-east that is driving down mortgage rates here in the US.
As always, if you have questions, please don’t hesitate to contact me at TrustYourLender@gmail.com
Scott Groves
Your Trusted Lender
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