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Mortgage rates barely ripple on poor sales report

By Holden Lewis ·
Friday, June 11, 2010
Posted: 11 am ET

Mortgage rates haven't moved much, if at all, in response to a report of rotten retail sales in May.

Retail sales, excluding autos, fell 1.1 percent in May compared to the previous month. Economists and investors had expected a more modest drop, so this report was worse than expected. The year-over-year trend is positive, though: Retail sales exluding autos were up 6.1 percent compared to May 2009.

Reaction on the mortgage bond market: barely a murmur. This indicates that there aren't many economic reports that could send rates down even further. Rates are close to the bottom. Lock when you can.

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