Market Comment Mortgage bond prices were significantly higher week, which pushed mortgage rates lower. Rates improved Monday and Tuesday following the early data. Durable goods orders fell 7.3% versus the expected 5% decrease. Rates gave back some of the earlier improvements Wednesday and Thursday in response to stronger than expected gross domestic product data. Q2 GDP rose 2.5% versus the expected 2.1% increase. Weekly jobless claims were near expectations. Middle East tensions flared as news reported the possibility of U.S. intervention measures in Syria. This caused global market instability in gold, oil, stocks, and bonds. Fortunately, mortgage interest rates finished the week better by almost a full discount point despite the volatility.
Posted on: Thu, 05 Sep 2013 12:10:00 +0000
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