Federal Reserve Chairwoman Janet Yellen offered a very upbeat assessment of the economy in a congressional testimony, but reiterated the Fed’s commitment to keep interest rates low for a considerable time. Meanwhile mortgage applications last week rose by 5.3 percent thanks to a big jump in home buying activity. Mortgage rates remain at their lowest level of the year with conforming no point 30 year fixed rates averaging 4 1/4 percent and 15 year rates closer to 3 1/4.
And now for something, completely different: In 2008, former Minor league pitcher, John C. Odom was traded to the Loredo Broncos for 10 maple baseball bats worth a total of $665.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.biz or call me at (866)700-0942.
This is Mehran Aram with today's ARAMCO Report.