Pricing on mortgage rates is mostly unchanged from yesterday.
In the second of three inflation-related reports due out this week the Labor Department reported that prices at the wholesale level of the economy increased by slightly more than expected. Overall though inflationary pressure remains tame which is good for mortgage rates.
The hits just keep coming in Europe. It is being reported this morning that Spain has formally requested aid from the rest of the EU. Additional fear over the fiscal health of European countries will fuel the “flight-to-quality” trade here in the US and help keep rates low.
Mortgage rates continue to take direction from the stock market, which is currently lower. Tomorrow the Labor Department will report the Consumer Price Index. I will remain in a neutral position.
Current outlook: neutral