For the 5th consecutive session, treasury yields rose on concerns about the timing of the Federal Reserve’s rate hikes with the 10 year note yield now over 2 1/2%. While that is not a huge rise, it was enough to push home mortgage applications to the lowest level since December of 2000. On the real estate front, in areas such as San Diego, single family existing home sales rose by 4% in August. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/4%.
And now for something completely different: Did you know that the IRS employees tax manual has instructions for collecting taxes after a nuclear war? Now does that really surprise you?
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.