Rate Update for August 26, 2008
Mortgage rates are essentially unchanged today.
Worse than expected economic news out of Europe is helping the US dollar rally versus other currencies right now. A stronger US dollar has an anti-inflationary impact because it effectively makes the foreign imports we purchase less expensive.
From a technical standpoint mortgage-backed bonds are trading in between the 50 & 100-day moving averages. We remain in a floating position but will have to watch the bond market closely over the next few days.