Mortgage rates were basically flat ahe end of last week. The last three days of the week provided only a glimpse of market volatility. The FOMC statement indicated that the Federal Reserve has not set a date for rolling back its quantitative easing program and ADP reported more private sector jobs added than expected. While weekly jobless claims were fewer than expected, the national unemployment rate remained elevated: Consumer confidence dropped in July to a reading of 80.3 as compared to a revised reading of 82.1 in June. Higher mortgage rates and stubbornly high unemployment rates likely contributed to a cooling of consumer enthusiasm.
What's Coming Up This Week The economic calendar is quiet this week, but will the markets still be volatile, especially with three Treasury bond auctions taking place:
The future is uncertain, continued volatility is likely; now is a great time to take advantage of mortgage rates at these low levels. 