Rate Update July 15, 2009

Mortgage rates are higher again this morning.

Here is a summary of the story lines impacting mortgage rates:

*Intel provides an optimistic outlook for the 2nd half of 2009 lifting stock markets
*Is the economic contraction moderating?
*The Labor Department reported that consumer prices (as measured by CPI index) increased slightly higher than expected in June.
*What’s next? Fed minutes later today, Bank of America, Citigroup, and JP Morgan report over the next 2 days

Current Outlook: if you followed our advice last week you’re already locked, if you haven’t it’s probably a good idea to lock now unless you have 30-60 days to close your loan.