The Other Guys

August 6 - Two New York City cops with lackluster records get a chance to prove themselves, but things don't go as planned.

Step Up 3D

August 6 - The third part in this saga takes the group from the Maryland School of the Arts to Paris where they find new challenges.

Twelve

August 6 - Chace Crawford stars as a drug dealer in New York City who life goes to pieces after his best friend is arrested for the murder of his cousin.

Eat Pray Love

August 13 - Julia Roberts stars in this adaption of the best-selling book about a woman's world wide quest to find happiness.

Scott Pilgrim Vs. The World

August 13 - A struggling musician falls in love with the new girl in town but must first fight off her seven ex-boyfriends in order to woo her.

The Expendables

August 13 - Slyvester Stallone and Jet Li star as mercanies sent to South America to dethrone a dictator.

Nanny McPhee Returns

August 20 - Emma Thompson returns as Nanny McPhee who is now helping with a family whose father is off at war.

Switch

August 20 - Jennifer Aniston stars as an unmarried 40-year old who gets pregnant via artificial insemination only to find out that her best guy friend had his sperm switch into her procedure.

Takers

August 27 - Matt Dillon stars as a detective who tries to foil the plot of group of bank robbers and their $20 million heist.

Going the Distance

August 27 - Drew Barrymore and Justin Long star in this romantic comedy as a couple who try to make their long-distance relationship work.

Mortgage Rate News & Analysis

Incredibly, long-term interest rates continued their plunge into record low territory throughout the month of July. Sluggish economic reports kept rates moving lower.

July 1

During the first week of July, the average rate on a 30-year fixed rate mortgage (FRM) dropped to 4.58 percent, excluding points, down from 4.69 percent the previous week, also an all-time record low. One year earlier, the average rate was 5.32 percent. Rates on 15-year FRMs fell to 4.04 percent, from 4.13 percent, while one-year adjustable rate mortgages (ARMs) moved upward to 3.80 percent from 3.77 percent the week.

"Interest rates on fixed-rate mortgages and the 5-year hybrid ARM fell once again to all-time record lows this week in a period where the economy struggles to gain momentum and inflation remains very low," explained Frank Nothaft, Freddie Mac vice president and chief economist.

July 8

The rest of the month rates on 30-year FRMs barely inched down, starting with a slip to 4.57 percent in the second week. Fifteen-year FRMs grew to 4.07 percent and one-year ARMs slid to 3.75 percent.

July 15

Rates held steady during the next week, remaining at 4.57 percent for 30-year FRMs, tiptoeing down to 4.06 percent for 15-year FRMs, and declining to 3.74 percent for one-year ARMs.

July 22

"The decline in mortgages rates over the past few weeks echoes the recent signs of weakening confidence in the strength of the economy, particularly the housing and consumer sectors," said Frank Nothaft of the fourth week rates. "....We see these [signs] as part of the normal pattern of ebbs and flows in recovery and believe that there is sufficient momentum to carry the U.S. economy forward, albeit moderately."

The 30-year FRM dropped to a new record low of 4.56 percent, 15-year FRMs fell to 4.03 percent, and one-year ARMs sank to 3.70 percent.

What's Next for Interest Rates?

Two straight months of new record lows in long-term rates is quite extraordinary and it would be hard to believe that things could continue downward for another 30 days. Still the Conference Board's Index in July showed that consumer confidence is down again, by four points following a 10 point drop in June. With so little confidence in the economy, the markets may continue to flounder and it is possible rates could inch down further.

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