Snookie, The Situation, and the rest of the Jersey Shore cast are back for another season. The show has undeniably become America’s guilty pleasure as millions have tuned in to watch the drama the cast members get themselves into. This season they’re bringing their fist pumping, shot pounding antics to the warm shores of Miami.
Mortgage rates hit a new historic low. Refinance or make your home purchase now before they start going back up!
Bond markets are opening down this morning as equities rally around the world. Some of the key economic releases for the week include today’s July ISM manufacturing report, tomorrow’s pending home sales and Friday’s July unemployment report. Both Bernanke and Geithner will be speaking today.
It just got easier for veterans and active members of the military to refinance their VA loans. Find out how military members can lower their VA loan payment with the VA streamline refinance.
Mortgages are up significantly this morning following Fed Bank President Bullard’s comments yesterday and this morning’s GDP release. Yesterday, Bullard expressed concern on a weak economy and suggested that the central bank should resume purchases of Treasury securities of prices fall (deflation). The GDP report showed that economic growth slowed last quarter which further added to signs that our recovery is slowing.
Yesterday, mortgage prices moved higher after a strong 5-year auction. Over 80 percent of companies in the S&P 500 have reported second-quarter results higher than analyst estimates, moving 10-year treasury prices lower while mortgage bonds have stayed relatively flat. Today, mortgages are slightly lower from yesterday’s close before the sale of $29 billion 7-year notes, the last of three note auctions this week.
Home values continue to fall, meaning if you’re looking to refinance – the time to act is now. Don’t miss your chance to refinance and take advantage of record low mortgage rates.
U.S. treasuries were up this morning on speculation that the Federal Reserve’s Beige Book report will show that the U.S. recovery is slowing, which is pushing expectations that rates will stay low fom some time. Durable goods orders came in a little worse than expected and this is the second consecutive monthly decrease. Also, we have a $37 billion 5-year auction today at 1 p.m.
Bob Walters, chief economist for Quicken Loans, discusses in USA Today the difference between today’s refinancing market and markets of the past. Can you still save money if you have to bring cash to the table when you refinance?
U.S. treasuries and mortgages are slightly lower today as a report in Germany showed that their consumer confidence increased in August. Today’s May S&P/Case Shiller Composite – 20 home price index was expected to be unchanged month over month at .20%.