Mortgage rates were unchanged despite weaker than expected economic data. Pending home sales fell 1% in August and according to the Case-Shiller index, home price appreciation for the entire nation slowed to only 5.6% in the 12 months ended in July. Separately the consumer confidence index and the Chicago purchasing manager’s index both fell in September. Conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates closer to 3 3/8ths.
And now for something completely different: Did you know that in Switzerland if you fail you driver’s license exam 3 times, you are required to see a psychologist? This is to assess the reasons for your repeated failures.
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.