Rate Update for August 11, 2008
Rates are essentially unchanged this morning (5/1 ARMs are slightly higher).
In the absence of any significant economic data today mortgage rates will take direction from oil prices (lower oil prices→lower mortgage rates), the stock market (lower stock markets→lower mortgage rates), and technical trading patterns. Currently the technical trading pattern is not too encouraging.
Later in the week we will get a look at the monthly Retails Sales report & Consumer Price Index (CPI) which each have the capability to move the markets.