We Just Report the News...

The housing market rescue bill passed the House on Thursday and will be voted on by the Senate on Saturday. Besides bolstering Fannie & Freddie, the bill is designed to help 400,000 distressed borrowers into more affordable loans. [AP]

New home sales for June reported at 530,000, far better than expected at 505,000. [AP]

Rates on average 30-year mortgages rise again this week to 6.63%. [CNNMoney]

FDIC takes over 2 more banks, closing 28 branches in Nevada, Arizona and California. [AP]

June existing home sales fell to 2.6% from May, according to the National Association of Realtors. [Wall Street Journal]

Orders for Durable Goods came in well above expectations, foreclosures rise. [Bloomberg]

Consumer Sentiment Index shocked the markets at very robust reading. [MarketWatch]

Oil prices hit a 7-week low as demand for fuel in the US and industrialized nations began to slide. [Reuters]

The Federal Open Market Committee is meeting August 5th, rates are not anticipated to rise. However, there is a strong chance for a quarter-percent (.25%) rate hike on the September 16th meeting. [Reuters]