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Mortgage Rates End Week at Recent Highs; Program for Disabled/Seniors’ Families; Distressed Sales to Remain Elevated

Mortgage Rates End Week at Recent Highs; Program for Disabled/Seniors’ Families; Distressed Sales to Remain Elevated

Mortgage rates move sharply higher for a 2nd straight day, now fully erasing all of the improvement seen since July 1st. The same risky, volatile overseas events that helped rates fall earlier this week are now pushing in the opposite direction. Specifically, fears over a more pronounced Chinese stock market crash have subsided after 2 days of gains. Even more of a focus for financial markets is the fact that Greece maintained a surprising amount of traction this week in their efforts toward securing more bailout funding. Both of these situations had previously caused investors to seek safety in the bond markets of big, stable countries like the US. Extra demand in bond markets results in lower rates, as seen earlier this week. But even as rates were falling, we discussed the fact that these
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