A big drop in U.S. stock prices on Thursday and fears of slowing global economies sparked a rally in U.S. bonds and pushed yields lower. New orders for durable goods plunged 18.2% in August while initial jobless claims also rose last week. But on a more positive note according to Core Logic, 1 million properties returned to positive equity in the 2nd quarter. 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 every year tourists throw about 1.1 million Euros in the Trevi Fountain in Rome? The city uses the money to fund a supermarket for the poor. I made my contribution 40 years ago.
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.