Mortgage Rates Rising

Morning market indicators are showing mortage rates will be rising this afternoon. Bond market is in the red.

According to this morning's report from the National Association of Realtors, people were ready to buy homes in June,
Low interest rates and falling prices helped boost the NAR's pending home sales index 3.6% last month -- the fifth monthly increase and the longest streak of gains since 2003. The index is up 6.7% from June 2008.
The index is based on sales contracts on existing homes. The NAR reports on sales of existing homes once the sales close, which usually happens about six to eight weeks later.

Personal incomes of U.S. residents fell 1.3% in June, more than forecast and the biggest drop in four years, the Commerce Department reported this morning.

Clete Thomas completed an unlikely win by the Detroit Tigers by hitting a 425 foot walk off home run in the bottom of the ninth inning agains the Baltimore Orioles. Justin Verlander gave up 5 runs in the first inning then settled down to go eight innings. Even though JD didn't get the win, he didn't allow any more damage after the first, allowing the Tigers to crawl back into the game. 2 games up on the Chicago White Sox. Washburn goes tonight for his first start in a Tigers uniform.