Mortgage Rate Update December 22, 2011

Mortgage rates are unchanged today.

The Commerce Department revised their initial estimate of 3rd quarter GDP downward to +1.8% from +2.0%.  The rest of the economic data released today was mostly better than expected.  Initial claims for unemployment benefits dropped again this week possibly signaling improved conditions in the labor market.  Lastly, a survey of consumer sentiment showed that people felt better about the economy in December compared to November.  Typically, good news for the economy is bad news for mortgage rates but rates are steady so far.

There are no new developments out of Europe today. This is the last ‘Mortgage Rate Update’ of 2011.  We’ll return in 2012!  Happy holidays!

Current Outlook: neutral