federal funds rate remains at this historically low level but the economic picture has changed drastically — albeit slowly.
Weaker than expected Retail Sales data was favorable news for mortgage rates on Thursday. Events in Europe also helped US mortgage rates this week. As a result, rates ended the week lower.
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Mortgage rates experienced many sharp movements this week. News about Greece and the Fed Minutes produced surprisingly large reactions, while the economic data had little impact. The net result was a small increase in mortgage rates.
On the heels of last Friday’s strong labor market report, mortgage rates drifted higher during the first half of the week.