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Mortgage Rates Largely Unchanged This Week

July 9, 2010

This was a short week in the markets following the Independence Day weekend. Mortgage rates were, for the most part, unchanged with a minor increase over the past several days due to a rally in equities predicated on positive jobs and retail sales figures. Additionally, there has been an optimistic atmosphere on Wall Street on belief that earnings will be better in the next round of reporting and that many European banks would pass their upcoming stress tests. I have moved my recommendation to locking any loans closing in less than 15 days, but I am still recommending floating for loans further out on expectations that we are far from turning the corner on our economic woes.

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