Charlottesville SunTrust Market Update - Week of July 29th

Mortgage Rates:

Weaker than expected economic data and increased concerns about Europe helped mortgage rates improve this week. Investors knew that US economic growth was slower than originally expected in the first half of the year due to European troubles, the Japan earthquakes and rising gas prices, but Friday’s report of Gross Domestic Product (GDP) was a shocker. Second quarter GDP increased by 1.3% which was well below the consensus expectation 1.8%. The add to the shock, the first quarter GDP was revised downward to just 0.4% from the originally announced 1.9%. Fortunately, the consensus outlook is for faster economic growth during the second half of the year.

Sandra S. Madison

Senior Mortgage Loan Originator

NMLS # 43902 & MLO-7436VA

(434) 566-2420 direct line

www.suntrustmortgage.com/smadison