Good news on commodities. Crude oil is lower and is now trading at $63.15 a barrel. That's down from $70.89 Tuesday when I initially blogged about it. I filled my car this week with premium gas for $2.91/gallon. Not bad. That number should be even lower this weekend and in the coming weeks.
The Euro has continued it's tailspin hitting $1.26 this morning and is now trading at $1.2669. Bad news, the Dow is down another 400 points today. Take it for what it's worth as I'm not a Wall Street guy, but I do see the stock market bottoming in 2008. I have a couple private wealth manager friends at Barclays(formerly Lehman Brothers) and BNY Mellon. All of them are putting their best clients into real estate! Haha! I wish. But seriously, if you are in the market for a home or real estate investment, this winter should be a great time to buy. Sellers are more realistic with their pricing, and those putting their properties on the market this winter are people that need to sell.
Feel free to add your insight Barclays and BNY Mellon guys.
One more thing. Mortgage rates dropped about a 1/2 point in the past week. 30 year fixed rate mortgages are averaging 5.96% this week, down from 6.40% last week.