A stronger than expected 4% annual growth rate in 2nd quarter GDP sparked a sell off in the bond market, pushing mortgage rates up by 1/8th of a %. With conforming no point 30 year fixed rates closer to 4 1/4 % and 15 year rates closer to 3 1/4. Meanwhile the Federal Reserve said the U.S. economy is improving and the risks of deflation are disappearing. The Fed did cut back its monthly bond buying by another $10 billion while committing to keep interest rates low for a considerable time.
And now for something, completely different: Did you know that Japan has approximately 200 volcanoes? Japan is home to 10% of the active volcanoes in the world!
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This is Mehran Aram with today's ARAMCO Report.