There were no major economic reports to rattle the credit markets on Tuesday. But an oversupply of corporate bonds once again put upward pressure on bond yields and mortgage rates. Conforming no point 30 year fixed rates average 3 7/8ths with 15 year rates closer to 3 1/8th. On the Real Estate front, according to CoreLogic, year over year January home prices rose by 5.7%, the 35th consecutive month of year over year increase in home prices. Meanwhile foreclosure and default notices continued their downward trend in San Diego County. And now for something completely different… Did you know that during WWII, La-Z-Boy manufactured something very different? It made seats for tanks, torpedo boats, gun turrets, and armored cars!
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.