The bond market has experienced a huge "flight to safety" over the last seven days. This "flight to safety" has led mortgage rates to new lows. The economic calendar was quite busy this morning. First out was Housing Starts & Building Permits from the Department of Commerce. Housing starts data estimates how much new residential real estate construction occurred in the previous month. Building Permits data provides an estimate on the number of homes planning on being built, a forward looking indicator of economic expansion. Recent reports on housing have been very disappointing, especially since the homebuyer tax credit expired in April. Today’s report showed a modest improvement in July but still less than economists had expected. Housing Starts rose 1.7% to a…(read more)
Mortgage Rates Marginally Higher After Industrial Production Data. No Reason to Panic
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