Weaker than expected economic data and concerns about China’s economic outlook was supportive of the bond market. Existing home sales fell 1.8% in August and year over year were down 5.3%. And the Chicago Fed’s National Activity index also fell in August. Meanwhile higher level of student debt is expected to reduce U.S. home sales by around 8% this year. 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 a book borrowed by George Washington in 1789 was marked as overdue for 221 years? It was returned in 2010 and the $300,000 in late fees were waived.
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.