Rate Update July 28, 2010

Mortgage rates are unchanged today.

This morning’s durable goods report from the Commerce Department has added to the uncertainty of the economic outlook.  The report showed a decline in durable goods orders for June when the markets were expecting a small increase.  Bad news for the economy is often good news for mortgage rates.

The US Treasury will auction $37 billion in 5-year notes today.  Recently 5-year note sales have not been as successful as 2-year and 7-year’s so we’ll need a keep an eye on this.

The technical outlook for interest rates is not encouraging.  The safe play is to lock in.

Current outlook: locking