Today the ISM Manufacturing Data report, one of the key indicators of US economic health, came out. Surprising to many, it showed that orders and demands of US manufacturers are holding steady (instead of declining). Based on that small snapshot, much of the market believes the Federal Reserve will not be dissuaded from their stated course of raising the Federal Fund Rate...
All that means mortgage interest rates went up again. :(
You'll see that we lost the gains we had last week and are solidly in the 5.375% range again.
If you are looking to buy but are concerned about interest rates, please consider letting me give you a quote. My interest rates and fees are significantly lower than my competitors, and I enjoy providing consistently high quality service!
Until next week!
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