Rate Update July 15, 2010
Mortgage rates are priced better this morning.
There is a lot of economic data to sift through today.
*Producer Price Index (PPI)- showed inflation is still not a concern which is good news for rates.
*NY Empire Manufacturing Index- showed manufacturing activity dropped sharply last month. This is bad news for the economy but good news for mortgage rates.
*Philly Fed business index- also fell sharply which is not good news for the economy but good news for mortgage rates.
*June Industrial Production- was actually better than expected.
The bulk of the economic data is interest rate friendly. Thus far stocks are trading lower on this news which is helping mortgage rates.
For now we’ll float but tomorrow brings the Consumer Price Index (CPI) which can also impact the markets.
Current outlook: floating