Friday, November 23, 2007

30-year mortgage rate at 6.20%, lowest since May

This STORY (and Title) is from an article in today's USA Today. Rates me be at the lowest level in a while but it is getting someone to lend you money which is the big problem. Today lenders are raising their standards to ensure that they get their money back. Credit is very tight, I think that in the coming weeks we will see the headline shift to overseas problems. Clearly the U.S. was not the only country fueling their growth with less desirable loans. As previously written I think this can be the stimulus for a dollar recovery and will lead to lower rates in Europe and the U.K., if not now place on your radar screens for the weeks ahead.

I am currently:

Short Euro (1.4778)
Long Usd/Cad (.9889)
Long Usd/Ars (3.1327...from Wednesday's Fix)

I will look to get long Usd/Krw next week, as I am off today. I am also going to be looking for a low cost way to get short rates in the U.K. and Europe.

Good luck and Good Forex Trading.

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