Wednesday's mortgage rate update for 8/01/2012! Thanks Bob Frankin from Wells Fargo for the update!
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The Day Ahead: Data Continues But FOMC Announcement Is The Focus
ADP sees non-farm payrolls rising 163,000 in July, which is above expectations but still below ADP's revised 172,000 total for June which is a comparison that does not point to monthly improvement for Friday's jobs report from the government. The US manufacturing sector is dropping, especially unfortunately orders. The ISM's composite headline index remains under 50, at 49.8 in July vs 49.7 in June. But the details show greater trouble with new orders at 48.0, up slightly from June's 47.8 but still showing monthly contraction. Home prices firmed very strongly in May according to S&P Case-Shiller which shows an adjusted 0.9 percent gain. This is the third strong gain in a row following 0.7 and 0.8 percent readings in April and March. Today's construction spending report corroborates mild recovery in the housing sector. Construction spending advanced 0.4 percent in June, following a 1.6 percent jump in May. The FOMC announcement at 2:15 p.m. ET for the July 31-August 1 FOMC policy meeting is expected to leave policy rates unchanged. However, the key issue is whether the recovery has slowed enough to motivate the Fed to engage in additional policy easing.
Dow is trading at 13,031 +22.67, the 10 yr bond is at 1.51 % from 1.48% Yesterday, . Currently mortgages are unchanged from Yesterday
Conv. - 3.5%
FHA. - 3.375%
Make it a Great Day!!
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Tel (805) 550-3395 | Fax (877) 609-0926
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