Weekly Market Update: August 11-15th- Low rates?!?!

What a week for mortgage rates! I almost fell out of my chair quoting a client today, as the rates are at their lowest level of the year.

The escalation of the conflict in Ukraine drove the market this week.  Reports that the Ukranians destroyed part of an armed Russian convoy that crossed into their borders. The market immediately shifted to the safe haven of bonds, and well, that drives rates down. Investors anticipate that all this conflict will reduce the level of economic activity.

Back at home, sluggish Retail Sales indicate a slowing in the US economy. Investors will wait to see what next week's Consumer Price Index and Existing Home Sales reveal, and also the release of the Fed's minutes from the July 30 meeting.

We'll see what rates do this week! Until next time, friends!