Mortgage rates have been moving lower in recent days with conforming no point 30 year fixed rates averaging 4 1/8 th and 15 year rates closer to 3 1/8 th. But on Tuesday stronger economic reports from China, the U.K., and the U.S. as well as higher stock prices put some upward pressure on rates. Meanwhile according to CoreLogic home prices rose by 1.4% in May and year over year up by 8.8%. Further proof of a recovery in the housing market.
And now for something completely different: It is believed that Cheesecake was invented in Ancient Greece and served to athletes at the very first Olympic games. Most likely goat cheese was used.
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This is Mehran Aram with today's ARAMCO Report.