Foreclosure Rates Fall Again:
U.S. foreclosure rates fell for the third straight month according to RealtyTrac's new report. New foreclosure fillings in June dropped 2.81 percent from the previous month and 6.98 percent from the previous year.
While foreclosure rates are falling, they are still at high levels with 16 straight months of readings of over 300,000. Still 410 out of every 411 homes are not in foreclosure, so there is still some strength in the housing market.
Consumer Prices Continue to Fall:
Consumer Prices fell for the third straight month, providing bargains for American Shoppers.
The Consumer Price Index, the government's most closely watched inflation barometer, dipped 0.1 percent in June, according to the Labor Department. Less expensive energy bills were a big factor behind the drop. Prices for food items and airline fares also dropped last month. Also, "core" consumer prices are holding near a 44 year low.
What Happened to Rates Last Week:
On the back of some weaker than expected economic data (Manufacturing Data, Consumer Price Index and Consumer Sentiment were all worse than the market anticipated) 30 year fixed rates decreased for both government and conventional loans. These economic concerns helped to push investors towards purchasing bonds (which includes mortgage backed securities) seeking safety that you cannot find in the stock markets.
