Rising Fuel Prices Help Mortgage Rates

Bonds were up on Friday as stocks continued to weaken on rising energy prices. The stock markets were down and the bond was up 14/32, improving mortgage rates by about a quarter of a discount point. NAR released today April Existing Home Sales report showing less of a decline in home sales than had been expected. This info had little impact on mortgage markets. Markets close early Friday for the Memorial Day holiday weekend.

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Existing Home Sales Up

The National Association of Realtors report that existing home sales climbed in July, exceeding expectations.

Bernanke Speaks Today

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Bernanke:Inflation Uncertain

Bernanke assures market the Fed will "act as necessary."

National Rates

Loan Type Today
30 Year Fixed   6.05
15 Year Fixed   5.72
5/1 Adjustable   5.78

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