Mortgage Rate Update August 29, 2011

Mortgage rates are slightly worse this morning.

Interest rates are being pressured higher by stocks this morning.  Markets here in the US and in Europe are higher today on positive economic news and optimism regarding Greece.

Two Greek banks announced a merger this morning which has led some investors to be optimistic about the financial stability of the Euro-zone.  Here in the US, the Commerce Department reported better-than-expected personal spending figures which has investors hopeful that the US economy will bypass a double dip recession.

The economic calendar is jam packed this week and concludes with the all-important jobs report.

Current Outlook:  floating