Market Updates
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August 20, 2004

Mortgage rates appear to have hit a low and have been unable to move lower. This typically signals a level of resistance that the market cannot break through. In the past, it has been a signal that the trend may reverse. Therefore, this may be a signal that interest rates may reverse directions and move higher.

The stock market has been able to stay above 10,000 for the week. If the stock market continues to inch higher it may also put some pressure on mortgage rates. The markets biggest concern currently is the price of crude oil and estimates it may hit $50 a barrel.

There were no surprises this week in any of the economic reports including an initial jobless claims report for the week was within the expectations of the market. It appears that no news is good news for mortgage rates.