Today is the type of day you dont want to get out of bed. We are seeing an unprecedented global event and until this crisis eases, there is no where to hide. Everything is selling off with the exception of gold. Usually when the stock market sells off, mortgage backed securities benefit and rates move lower, but not the case. Hopefully, everyone locked their loans early in the week when rates on 30 year mortgages where around 5.5%, if you havent, you will see rates that are about .75% higher then just a few days ago.
The only economic news was the release of trade numbers. Economists where expecting the trade balance or imbalance to be at a -60.0billion but the number came in better at -59.1billion and the prices paid component shows that import prices fell by more then expected which is good news for inflation. However, these reports mean nothing today as panic is in the market.
Currently the Dow is down 366, oil is down 6.50 a barrell and gold is up 7.50. If you are planning on buying or refinancing you better lock lock lock. Do not float in this environment. We could see a turn around and lower rates soon but nothing is acting like it should.