Mortgage rates are essentially unchanged this morning.
Mortgage rates are threatening to move higher this morning, at least temporarily, as stocks trade higher. Stocks are getting a boost from comments made by Fed Chairman Ben Bernanke and better-than expected GDP data.
In prepared comments to the annual conference of the worlds central bankers Fed Chairman Ben Bernanke said that they are prepared to help the US economy in any way necessary. He also mentioned that he does not think deflation is an immediate concern. His comments helped boost stocks this morning which is pushing mortgage-backed bonds lower.
The Commerce Department reported today that 2nd quarter GDP grew by only 1.6%. Although this figure is less than previously reported it is higher than expectations which is also helping stocks and hurting mortgage rates.
Current outlook: neutral