A larger than expected increase in hiring, according to the private ADP report put some selling pressure on bonds. But mortgage rates remain near their lowest level of the year with conforming no point 30 year fixed rates averaging 4 1/8th and 15 year rates closer to 3 1/8th. Meanwhile the housing recovery continues with foreclosures down substantially and May pending home sales up by 6.1% and year over year, home prices up by 8.8%. This according to NAR and CoreLogic.
And now for something completely different: Mount Everest is growing at almost ½ an inch a year, that’s why a person today has to climb 27 inches higher to reach the peak compared to 1953.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.
This is Mehran Aram with today's ARAMCO Report.