Home starts down 5%; Corporate results disappoint - Daily Mortgage Rate Update for July 20th, 2010
We learned yesterday that builders of new homes and condominiums are not happy with the state of the makret for new home construction. Today, we saw exactly why, as new home consruction was reported to have declined further in June, 2010.
Corporate profits (or lack thereof) continue to dominate the direction of mortgage pricing, an today, two giants of the corporate world disappointed investors. Both Goldman Sachs and IBM failed to bring in enough revenue to meet market expectations, and as a result, stocks are down and pricing of fixed-income securities like mortgages and Treasuries is better today.
For the complete recap of today's economic news and commentary on upcoming FHA changes, Jumbo rates, and more, please see the complete Dan Hartman Daily Mortgage Rate Update.
For a recap of last week's market activity, check out my review on lenderama.com.
Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates, and serves as an Adjunct Professor of Finance and Economics at Roger Williams University and the University of New Haven. He has been helping homeowners and homebuyers with their mortgage questions for over 10 years.
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