Last week mortgage rates fell to their lowest level since November of 2013. But over the past three trading days, bonds have been selling off as they often do when they hit lofty overbought levels. The latest catalyst for selling was a stronger than expected reading on the ISM Manufacturing data. Mortgage rates are now up by an 1/8 th of a % with conforming no point 30 year fixed rates averaging 4 1/4 % and 15 year rates closer to 3 1/4 %.
And now for something, completely different: The Pittsburgh Pirates are also often called the “Bucs” or the “Buccos,” derived from the word “buccaneer” which is a synonym for “pirate.”
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.