23 July 2010 –Rates began the week coming off the lowest mortgage rates we have seen to date, so things could not have gotten much better. Economic news was generally favorable with good earnings data for many companies across several industries, which helped equities markets. This had an adverse effect on mortgage rates to the frustration of any fence-sitters out there who were hoping for that elusive sub-4% 30-year fixed rate mortgage. Luckily the was a counter-balance in the form of comments by Fed Chairman Bernanke that there were no plans for further stimulus and that inflation could be an issue at some point in the future. This threw a bit of water on Wall Street’s scorching hot gains and reduced any rate increases to a couple basis points.
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