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. 

Current Outlook: neutral

The views and opinions expressed in this site are those of the author(s) and do not necessarily reflect the official policy or position of Cherry Creek Mortgage Co., Inc. This is for informational purposes only. This is not a commitment to lend.