China devalued their currency last night and this will have an impact on the US economy.
The Chinese economy has been the great hope for expansion over the past decade. The pro growth strategies blended with economic policies adopted by their fed has created a bubble situation that is impacting the world and specifically the US economy.
King dollar still rules when it comes to international economic policy and investment.
The move to devalue Chinese currency, strengthens the US dollar and makes it tougher for US corporations to compete on a world market basis for products and services. We are seeing the fear factor increase in the stock market today vis-a-vis a significant sell off. As the stock market declines, so goes our mortgage backed securities and we are witnessing a decline in interest rates.
Right when everyone was thinking our rates would increase, it actually appears that rates may decrease again.
So much shock and awe from a world market. Check back for my updates as currency fluctuations impact your decision to lock or float your mortgage loan. Thanks for reading!
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