Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Weekly Mortgage Update - Week of July 2, 2012
Mortgage markets improved only slightly last week despite a large 2-day rally that lasted through Wednesday and Thursday.
Unfortunately for mortgage rate shoppers in Scottsdale , markets were worse throughout the other 3 days of the week, which kept mortgage rates from dropping to new all-time lows. 
As with many weeks since the start of the year, political and economic action within the Eurozone dictated the direction of domestic mortgage rates. Last week's 2-day EU Summit was the major driver of markets. 
In the days leading up to the summit, mortgage rates worsened as optimism in the summit's outcome grew. This is because a stable Europe is good for the world's economy which, in turn, encourages Wall Street investors to move money from "safe investments" such as U.S. mortgage bonds into more risky ones such as equities.
This creates an excess supply of mortgage bonds which causes mortgage rates to move higher.
On the day prior to the summit, though, optimism faded. Several Eurozone leaders expressed an unwillingness to compromise with each other and the rhetoric drove investors back into "safe" asset classes, which explains the mid-week drop in mortgage rates.
However, Friday, in a surprise move, EU officials announced a plan to ... more

__________________________________________________
Are you on The Rain? Grow Your Network!