Mortgage applications for the week ending July1 fell 5.2% as refinance applications fell 9.2%, with purchase applications rising 4.8%. If you are an originator which of these markets is your focus?
In the ongoing European debt saga, Tuesday, Moody’s slashed Portugal’s debt rating from Baa1 to Ba2, a downgrade deep into junk status. This helped support the U.S. Treasury market, which is improving a few basis points again this morning.
China’s efforts to tame inflation continue with The People’s Bank of China raising interest rates this morning for the third time this year. China is experiencing its fastest pace of inflation since 2008 and is raising interest rates in spite of slowing economic growth.
Giving another boost to interest rates was a report from the Institute for Supply Management, who told us their index of non-manufacturing businesses decreased to 53.3 in June from 54.6 in May. This data suggests the U.S. economy is indeed experiencing slower growth.
Mortgage prices are improved by approximately .25% this morning.
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