HomeLoans Blog

There were 3 significant economic events today. Case Shiller housing index showed home prices continuing to improve with 4% increase over last year. The Conference Board Consumer Confidence was better than expected with a 53% rating.

Two pieces of better news.

Then the Federal Reserve FOMC minutes came out around 2PM, basically revealing that we have no concensus plan to stimulate the recovery.

This seemed to push bonds to even higher highs.

We will know tomorrow if the rally holds and is reflected in rate improvement. the bond rally this afternoon really happened late for lenders to provide much in the way of rate improvement.

Plus I think lenders were finishing their months and not exactly interested in offering a new drop in rates until the bond market sustains this high.