Rate Update for July 29, 2008

Mortgage backed bonds are giving away the gains they made yesterday which is a sign of modestly higher rates in the near term. 

Bonds are reacting to a rally in the stock market.  The Dow Jones Industrial Average is currently up over 100 points on better than expected consumer confidence numbers and lower oil prices.   

In real estate news, the Stand & Poors Company released their monthly Case-Shiller Home Price Index Report.  This measure of home prices amongst the 20 largest metropolitan areas is thought to be the most accurate amongst many economists. 

Watch today’s you tube video for a synopsis of the report. 


Current Outlook: locking bias

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.