Housing numbers miss expectations

MBS are down -1/32 (FNMA 30-yr 3.5 at 103.02), around 1/32 higher than yesterday at this time.

This morning, July Housing Starts fell 5% from June to an annual rate of 1155K, below the consensus of 1220K. The decline was nearly entirely due to multi-family units. Single-family starts posted just a slight decline. Housing starts are highly volatile from month to month. The Dow is up 50 points. No more economic data will be released today. The Minutes from the July 26 Fed meeting will come out at 2:00 et. Investors will be looking for clues about the Fed’s plans for the pace of tightening monetary policy.

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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