August pending home sales were down 1% from July, further evidence of an uneven housing recovery. This according to the National Association of Realtors which regularly reports on home purchases under contract which have not closed escrow yet. Bond yields were slightly lower on this news and other data reflecting tame inflation and in reaction to recent weakness in stocks. Conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates closer to 3 3/8ths.
And now for something completely different: Did you know that since 1945 all British tanks come equipped with tea making facilities?
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This is Mehran Aram with today's ARAMCO Report.