Rates Improve Slightly on Mixed Economic Data
Mortgage interest rates improved slightly this past week as economic data continued to be mixed. Economic data stronger than expected included August Consumer Confidence, the University of Michigan Consumer Sentiment Index, and the second look at Q2 GDP. Q2 GDP increased by an annualized rate of 2.50% on expectations that it increased by 2.1%.
Economic data weaker than expected included July Durable Goods Orders, July Pending Home Sales, July Personal Income, and July Personal Spending. Markets continue to expect the Fed to begin tapering its monthly purchases of Treasuries and Mortgage Backed Securities in September.
Also of note:
- The U.S. is considering taking military action against Syria