This week did not bring a huge amount of economic data save sale of existing homes, which blew away expectations. At 6.8%, this surge coupled with a slew of positive earnings reports on Wall Street was again a source of optimism among investors. This continued good news has done a great deal to shape the general market opinion providing continued fuel for an economic rally and potentially a recovery.
With good news on Wall Street, mortgage rates tend to suffer and this week was no different. Rates increased mildly, but data is pointing to an upward trend. Whether this trend will continue is the big question. People are looking for good news and they seem to be getting more and more of it every day.
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