Mortgage rates are priced slightly better this morning. Rates are at all-time low levels once again.
Concerns over global growth are benefiting mortgage rates this morning (Bad news for the economy is good news for rates).
A monthly survey of European purchasing managers showed that business activity in the EU is declining by more than expected. New orders for various goods fell at the fastest in over 3 years. A separate report showed that manufacturing activity in China fell for an 11th straight month.
Here in the US weekly jobless claims were reported to have dropped modestly last week. However, the previously released figure for jobless claims the previous week were revised higher.
Overall, the outlook for global economic growth is not positive. This sentiment coupled with the Fed’s QE3 program is helping mortgage rates achieve all-time low levels.
Current Outlook: floating