Mortgage application activity, rose nearly 3% last week while loan requests for home purchases also rose by about 2.5%. While the latter statistic is an indication of a healthy level of home sales, the Congressional Budget Office showed little optimism towards the U.S. economy as a whole by lowering its yearly GDP growth projection from 3.1% to 1.5%. Meanwhile in the bond market a lack of significant news has kept 30-year fixed rates averaging 4.125% and 15-year rates closer to 3.25%.
And now for something, completely different: In addition to the charisma and energy John F. Kennedy brought to the White House, he is also remembered as the only U.S. President to be awarded a Pulitzer Prize for his book, “Profiles in Courage.”
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.