Mortgage rates are mostly unchanged this morning.
Starting off here in the US we got a flurry of economic data earlier today. The Commerce Department reported that orders for durable goods declined by more than expected last month. Conversely, in a separate report US consumer confidence came in much higher than analysts had expected.
In housing news the S&P Case-Shiller Home Price Index was released today. The latest release showed that home prices increased modestly in Portland from November to December 2011. However, on a year-over-year basis home prices declined by about 4%.
In general good news for the economy causes rates to move higher and vice versa. This morning’s mixed bag of economic data is not having much of an impact on rates.
An unexpected announcement out of Ireland has heightened uncertainty regarding Europe’s debt crisis. The Irish government announced earlier that it would let its population vote on the EU’s budget discipline treaty. If the Irish population chooses not to accept the policy it could further destabilize the European financial system. Uncertainty is bad for the economy but good for mortgage rates.
Current Outlook: neutral