Rates continue to remain at record lows, however up a tick toward end of the week as the stock market rebounded. At week’s end rates averaged 4.625% to 4.75% for 30 year fixed rate mortgages!
This coming week will help give some guidance as to the direction markets will take through the summer as the three largest banks; Bank of America, JP Morgan Chase and Citigroup all announce 2
nd quarter earnings results. These results and even more so the projections they give for upcoming quarter and year will allow the financial markets to further evaluate how quickly the economy is beginning to rebound from the most recent recession.
Have a great weekend!
