CNN Chief Business Correspondent
What we saw happen in the hours after the Fed injected a trillion dollars into the economy last Wednesday was confirmed today. Rates for a 30-year fixed mortgage dropped to 4.63%.
"Mortgage rates fell sharply to low levels not seen in six decades following the Federal Reserve's announcement on the Treasury bond and mortgage-backed securities purchase programs," the Mortgage Banker's Association reports.
But that's not all: on TOP of the uptick we saw on Monday in existing home sales, and on TOP of the banking plan that was finally detailed on Monday, orders for durable good were up. Durable goods are manufactured goods that are built to last more than 3 years. Everything from washing machines to military equipment.
After six straight months of decline, orders for durable goods suddenly rose, and rose unexpectedly.
All of these things signal some change. Markets should react positively. BUT, remember that as we start to regain some ground on markets, some investors will sell off to capture their gains, and choppy water could lie ahead - and, because I want to use one more analogy - the economy is an oceanliner, not a speed boat, according to the President.
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