Rate Update September 29, 2009
Mortgage rates are unchanged from yesterday.
In terms of interest-rate sensitive data there is not much to look at this morning. We expect mortgage rates to take direction from stocks which are currently trading sideways.
In real estate news the Case-Shiller Home Price Index report was released today. You can download the full report at this link. The report, which tracks home prices in the nation’s 20 largest housing markets (including Portland), showed year-over-year price declines were better than analysts had expected. Furthermore, 18 of the 20 housing markets the index tracks showed month-over-month increases in July. However, the report issued caution regarding the expiration of the first-time homebuyer credit.
Current outlook: locking