Mortgage Rates Improve After Weak Economic Data

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Posted To: Mortgage Rate Watch

Mortgage rates took a break from reacting to headlines coming out of Europe and focused instead on domestic economic data. That turned out to be helpful today as Retail Sales came in much weaker than expected. Downbeat economic data generally helps rates move lower. Today was no exception, but the gains were modest. Most lenders are still quoting conventional 30yr fixed rates of 4.125% on top tier scenarios, though there are a few on either side of that. Today's Greek headline hiatus isn't the start of a new trend, but rather a calm before the storm. Over the next two days, we'll find out whether or not Greece and other Eurozone parliaments have approved of the bailout terms negotiated this past weekend. From there, quick action would be needed in order to make sure Greece remains solvent between...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/488598.aspx

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