Quiet week, rates unchanged

Quiet week for mortgage markets.

Happy Friday from Local Mortgage!

It was a quiet week for mortgage news. There wasn’t much going on as far as economic news goes, so markets were very calm. We are still at 6.25% for our best 30-year fixed conventional scenario.

Monday’s trading after Friday’s big employment adjustment was surprisingly calm. It seemed that most of the trading on last week’s big news occurred last Friday.

The only real economic report of note this week was the ISM Services Sector Index which fell below consensus expectations. This index tracks the performance of the services sector and measures factors like prices, business activity and inventories.  July’s index showed slight contraction in the overall services sector with a decrease in the employment component and an increase in the prices. 

Overall, this was a good week for mortgage rates considering that we held on to all of the gains from last week. Next week, inflation will be in the spotlight with the Consumer Price Index report Tuesday and Retail Sales on Friday.

Hope everyone has a great weekend. Thank you for reading.