"The key to making money in stocks is not getting scared out of them..." Peter Lynch
Folks didn't receive that memo this past week as the threat of rising rates and some not-so-rosy outlooks from firms like Amazon definitely frightened investors, who fled from Stocks.
All three major Stock indices - the Dow Jones, S&P 500 and Nasdaq sold off hard this week and are now flat-to-negative for the year.
Even a better than expected 3rd Quarter GDP reading of 3.5% along with a stellar consumer spending reading on Friday could not help Stocks avoid a selloff at the open.
The Bond market welcomed some of the money from the Stock selloff, thus helping home loan rates improve slightly.
Bottom line:
- The markets are very volatile and the improvement in home loan rates this week is relatively modest when considering the magnitude of the stock market decline.
- With home loan rates off the highest levels of 2018 - now is a wonderful time to secure financing.
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