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.