In the absence of any market moving economic data or new geo-political developments, the bond market enjoyed a modest rally for the second day in a row. This thanks to another sell off in stocks. Mortgage discount points eased across the board with conforming no point 30 year fixed rates averaging 4 1/8th and 15 year rates closer to 3 1/8th. Meanwhile despite an uptick in May, year over year completed foreclosures fell by 9.4% and foreclosure inventories have declined for 31 straight months.
And now for something completely different: Did you know that using an orange-handled coffee pot for Decaf dates back to 1923? That was at the same time when General Foods first introduced Sanka.
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.