We asked Chris Simms, Certified Mortgage Planner of Preferred Home Lending, powered by Pulaski Bank to give us a quick update on mortgage rates.  This is what he had to say:

"Home sales and building permits came out at a 16 year low.  Believe it or not this has helped the bond market a little bit.  In addition the first auction the Fed had yesterday went very well.  On the foreign side, the European Central Bank put 500 billion back into the market to help foreign investors deal with our mortgage crisis.  This helped LIBOR rates ease the gap a little so adjustables will be a little more attractive.  (Did you say adjustables, they still exist? Yes and they can be a good investment if used correctly?  That doesn't mean everybody should get one but they can be a part of any financial plan if used correctly).

All this helped rates drop to 6.125% for today"

You may comment on this blog or contact Chris directly with questions at 314-229-4242 or e-mail him at csimms@pulaskibankstl.com