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Mortgage Rate Trends & Enconomic News For July 2008

 

Key Dates This Month For Economic News

  • July  3 - Jobs Report
  • July 15 - Retail Sales
  • July 15 - PPI Report
  • July 16 - CPI  Report
  • July 24  - Existing Home Sales
  • July 25 - New Home Sales

 

July Mortgage Rate Trends

The first major report of the month was the June's jobs report. For the month of June the economy lost 62,000 jobs and the unemployment rate remained at 5.5%. Mortgage rates remained relatively unchanged with the news.

The retail sales report for the month of June did little to boost confidence in the market. Growing fears that consumers will stop spending as energy prices increase is a growing concern.

The PPI report showed higher levels of inflation than the market was anticipating. Surging fuel costs are hit the markets very hard and inflation is going to be running hot for the near future.

The CPI report came in at 1.1%, the highest level in recorded history. Surging prices on energy and food are the two largest factors. High inflation is not good for mortgage rates, and rates spiked up with todays news.

Existing home sales continued their decline. The stock market sold off sharply after the report that showed home sales at their lowest levels in the past ten years. Mortgage rates are moving lower with the news.

New home sales declined in the month of June. Adjusted annually, new home sales were approximately 530,000. The market had little reaction to the news and mortgage rates edged up slightly.

 

 

 

 

 

 

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