The European Central Bank surprised the financial markets by lowering all its interest rates and announced two new programs to purchase asset-backed securities and covered bonds issued by Eurozone Banks. The move should make U.S. bonds more attractive to inventories with relatively higher yields and help keep our rates from rising too high. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/4%. Meanwhile according to the N.A.R, home price appreciation hit a 21 month low in July.
And now for something completely different and since the Padres just played Denver tonight: Did you know that former Colorado Rockies player, Eric Young, set a team record in 1995 for most stolen bases in a single game? He stole 5 bases!
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.
This is Mehran Aram with today's ARAMCO Report.