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While it still may take a few more days or even weeks for the Fed’s attempt to lower mortgage rates to filter into what an individual can get from their bank, the avg 30 yr mortgage rate was unchanged overnight at 3.52% as the recent sell off in the Treasury market will dilute the Fed’s actions. Elsewhere, as if the Shanghai market didn’t have enough concerns with slowing growth, the growing spat with Japan sent the Chinese index lower again. In Europe, investor confidence in the German economy 6 months out (ZEW remained negative but improved to -18.2 from -25.5, a touch better than expected as Draghi helped to alter the region’s mood in late July. Current conditions however fell to the lowest level since June ’10. Today and tomorrow’s US economic data is focused on the sector the Fed is certainly trying to juice again, housing with the NAHB builder sentiment figure today and starts and existing home sales Wed.

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