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Rates Highest Since Brexit; Refis Help Mortgage Apps; Merrill and PHH Split

Rates Highest Since Brexit; Refis Help Mortgage Apps; Merrill and PHH Split

Mortgage Rates were higher again today, following much stronger-than-expected economic data. A key index that tracks the health of the services sector recovered from last month's 6-year lows, hitting the best level in nearly a year today. Stronger economic data generally puts upward pressure on rates. Not all data is as potent in that regard, but today's report from the Institute for Supply Management (ISM) is one of the biggies. Rates also remain under pressure in a general sense because market participants increasingly wonder if Europe is at a crossroads with respect to its bond-buying program. More simply put , the European Central Bank might slow down its bond buying, and central bank bond-buying is why rates are as low as they are. Rates have now returned to their highest levels since
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