Monday’s Market Trends Recapby Tim Manni
This week’s issue of HSH’s Market Trends Newsletter “Mortgage Rates Ramble, Little Changed,” examines the effects of inflation on the economy, and what economic indicators like The Producer and Consumer Price Index, inventory levels, Industrial Production, unemployment, consumer sentiment, and more mean to you.
“July 18, 2008 — Volatility being what it is these days, mortgage rates bounce around a lot. Upward pressure for rates one day gives way to downward pressure the next, only to succumb to upward pressure again.”
“Mortgage rates actually remained little changed by the time the week came to a close. HSH’s Fixed Rate Mortgage Indicator (FRMI), the overall average interest rate for 30-year FRMs of all stripes — including conforming, jumbo and expanded conforming offerings — declined by two basis points (.02%) to close the weekly survey at 6.85%.”
“The see-saw between concerns about growth and fears about inflation tilted toward the inflation side again this week, after Fed Chair Ben Bernanke addressed Congress in the semi-annual report on monetary policy.”
“New claims for unemployment benefits ticked higher by 18,000 to 366,000 new applications filed during the week of July 12.”
HSH’s free, weekly Market Trends Newsletter, an in-depth analysis of various financial markets of the week prior, is published every Monday. Email subscribers — receive it in your inbox by Friday night, so sign up today!