No change in Mortgage Rates

Interest rates stayed about the same last week .The following are excerpts from the newsletter on interest rates published by HSH Associates :

“After several weeks of being boosted by good news, the rise in mortgage rates seems to have run out of steam. Without a continuing stream of improving economic data, there just isn’t enough momentum to create a sustained rise.

The rally in stock markets which has attracted investor cash seems to have come to a halt, too, and it wouldn’t surprise us at all if we saw some reversal of money from stocks and back into bonds, at investors look for a place to park cash while awaiting the next updraft in the stock market.

Since it has only totaled about a quarter-percentage point, the mild rise in rates doesn’t have appear to done any damage to refinancing or home purchase activity, and borrowers continue to respond to the favorable interest rate environment.

Next week again features a light calendar of economic data, leaving investors to again ponder the direction of the economy and how best to employ their money throughout it. If this week’s experience is any guide, we probably don’t see a whole lot of movement for mortgage rates one way or the other, but could probably find a decline of a couple of basis points by the time the week comes to a close. “

The following are interest rate quotes by Al Hermann of American California Financial: