Good economic news = Higher Mortgage RAtes

MBS are down -6/32 (FNMA 30-yr 3.5 at 103.01), around 6/32 lower than yesterday at this time.

MBS responded in the typical fashion to stronger than expected economic data this morning. July Retail Sales rose 0.6% from June, well above the consensus for an increase of 0.3%. Excluding the volatile auto component, Retail Sales rose 0.5%, above the consensus for an increase of 0.3%. The results for June for both readings were revised significantly higher as well. The Empire State regional manufacturing index jumped to 25.2, far above the consensus of 13.0. July Import Prices rose 0.1% from June, matching expectations. The Dow is up 10 points. No more economic data will be released today.

About The Mortgage Update

I am a resident of St Charles Illinois and have been in the Mortgage Industry for 24 Years. I am also be heard on WYLL 1160 AM Chhristian Radio "The Mortgage Update with Terry & Dan". With relationships with the our Countries biggest lenders, it allows me to help you find the PERFECT Mortgage for your situation. From getting Pre-Approved to purchase your first home to helping you Qualify under wth NEW HARP 2.0 Guidelines (see HARP 2.0 tab).

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