Mortgage Rates

Mortgage rates are little changed this week, in spite of lower 10 year U.S. Treasury yields (2.60%); now that the Fed has let the cat called “Tapering” out of the bag, rates are not likely to get much lower.  There was also some good economic news this week, New Home Sales rose by 8% in August and existing home sales are 13% higher than a year ago.  The Case-Shiller 20-city home price index also rose 12.4% higher than one year ago, which was the largest increase since February 2006.  But on the down side, August Pending Home Sales declined a little and will probably have declined further in September, which many of us have probably already realized.

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