Good Morning! It’s the start of another great week in the lending world. Check out what is going on in the market this week!
This Week in Mortgage Rates; The Treasury will auction $99 Billion of notes beginning Tuesday through Thursday. The 10 year note yield fell to 1.70% last week, a key resistance level and matching the lowest yield on the 10 year set last September. April existing and new home sales along with April durable goods orders are the key reports this week. Stocks should rebound from their worst week since September and U.S. futures rise as China signaled it would support the economy and German and French officials prepared to meet before a summit. Commodities snapped a three-day drop while Treasuries and the yen declined. The Bank of Japan, which starts a two-day meeting tomorrow, expanded its asset-purchase program in February and April. Last week, two bond-buying operations failed to attract the central bank’s target for sell offers. The European Union summit starts Wednesday. Concern Greece will exit the euro erased about $4 trillion from global stock markets this month. Europe’s debt problems continue to dominate US bond market as money from around the world is piling in to safety in treasuries.
What Does All This Mean??
Each and every day, dozens upon dozens of economic reports, news and world matters can influence the markets very quickly. This is a busy week in the world and will be very hard to predict the outcome until we meet up again 5:00pm on Friday. Are mortgage rates (mortgage back securities/bonds) over bought? Will their be a sell off this week to push mortgage rates back up? Will the Euro drag us down even more? Does the IPO of Facebook matter?
Source: Rate Alert http://www.tbwsratealert.com/MarketCommentaryFull.aspx
For more information about mortgage rates, programs and the markets, feel free to call or email me anytime.
Bill@billnickerson.com or 978-399-1313