And from Tracy Beavers at Arvest:
THE LAST WEEK IN REVIEW:
Mortgage rates are still at historic lows! The housing sector continues to improve with housing starts and building permits rising. The Housing Market Index rose to its best level in 8 years. Retail sales for last month were also strong.
What does this mean for mortgage rates? The Fed is watching the ups and downs of our economy very closely so they can decide if they will continue to purchase bonds (which help make our mortgage rates low). They meet in mid-September so we will be watching to see if any direction is given.