Stocks drop 6% in the worst week since January 2016 - U.S. Stock markets fell 6% this week as investors feared that new tarriffs on imports could start a global trade war. The Federal Reserve also raised their benchmark interest rates. This was expected just a few weeks ago, but many experts felt the Fed would hold off on an increase because stocks have been so volatile in the last couple of weeks. Stocks have dropped 10% in just a month. The Dow Jones Industrial Average closed the week at 23,533.20, down from last week’s close of 24,946.51. It is down 4.8% year to date. The S&P 500 closed the week at 2,588.26, down from 2,752.01 last week. It's down 3.2% year to date. The NASDAQ closed at 6,992.67, down from 7,484.99 last week. It is up 1.3% year to date.
Mortgage Rates stable this week - The March 22, 2018 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 4.45%, unchanged from last week’s 4.44%. The 15 year fixed was 3.91%, unchanged from 3.90% last week. The 5-year ARM was 3.68%, unchanged from 3.67% last week.