Upward pressure on interest rates continued to build last week, although 30-year mortgages held at 5.75 percent. The all-important 10-year T-note maintained a tenuous grip below 4.2 percent, but more good economic news – or the Fed – could cause an upward break at any moment. The inflation reports were ideal: core producer prices fell .1 percent in June, and core CPI increased only .1 percent. June retail sales soared 1.7 percent, and excluding artificially boosted auto sales still had a strong .7 percent gain. Deals offered by Ford and GM have reached a new level of giveaway (all buyers get the employee discount) – anything to keep production lines going. There is no profit, but sales and production count in the real world, keeping suppliers in business and employees at...
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