Rate Update July 7, 2010
Mortgage rates priced slightly better this morning.
In the absence of key economic data mortgage rates are holding steady today.
Stocks are trading higher today in response to a positive outlook provided by State Street Bank. Typically a rally in the stock market would cause mortgage rates to move higher but clearly there is a dichotomy in the market. One school of thought forecasts a rosier outlook for economic growth and another school believes we are in a “new normal” that will provide lower returns in the coming years.
No matter what your view is mortgage rates remain near historic lows. I wouldn’t expect a lot of volatility until next week when the economic calendar is full.
Current outlook: neutral
Posted: July 7th, 2010 under Rate Update.
Tags: july 7 2010 mortgage rates