According to Bankrate.com, the average 30 yr mortgage rate has risen to
the highest level since March 25th at 5.04% and its why refi’s for the
week fell to a two month low. Purchases rose a touch but still remain
just 13% off its lows. The MBA said the average 30 yr rate was 4.76% for
the week but after calling 9 different banks, I believe Bankrate is more
accurate. ABC confidence rose 1 pt to -42 and is just 1 pt from matching
its highest level since April ’08. The rise in stocks has helped the
personal finance index so it should be looked at as more coincident
rather than an indicator of future consumer spending. Apr Retail Sales
are out today. Any discussion on China comes down to its dependence on
exports and whether it can develop domestic consumption. Apr Chinese
Retail Sales rose a more than expected 14.8% and stocks there rose to a
9 month high. The Pound rolled over at 5:30am after the BoE was cautious
on the UK economy.
