Mortgage Rate Update August 12, 2011

After creating new all-time lows on Wednesday afternoon borrowing costs rose sharply yesterday.  This morning the bond market is trading in positive territory which is helping interest rates.

The Commerce Department reported monthly retails sales this morning and the report showed that sales were slightly better than expected.  However, retails sales are being overshadowed by a much weaker than expected consumer confidence survey released by the University of Michigan.  Weak economic data out of Europe is also exacerbating concerns and helping interest rates this morning.

Mortgage rates remain at or near all-time lows making it a great time to refinance!

Current Outlook:  locking bias