Mortgage rates are unchanged from Monday.
Interest rates have been very quiet this week which is in stark contrast to the volatility we saw when Greece was in the throes of negotiating a(nother) bailout.
As I stated on Monday it has been a fairly quiet economic news week so mortgage rates have responded to the equity markets. Stocks opened higher this morning but have reversed after disappointing earnings reports from American Express, 3M, and Caterpillar.
Earlier today the Labor Department reported that weekly initial jobless claims hit the lowest level since 1973. However, analysts are taking the report with a grain of salt because it is assumed seasonal adjustments are distorting the numbers.
The National Association of Realtors reported that existing home sales increased again in June. They have now increased for nine consecutive months and have matched the pace seen in February 2007. Nationwide the median sales price surpassed its housing peak in 2006 and is currently at an all-time high.
I am hopeful that lower commodity prices will ease inflationary concerns and push rates lower. I will continue to recommend floating.
Current Outlook: floating