Updated on May 18, 2018 10:31:31 AM EDT
There is nothing of importance taking place today that is likely to affect mortgage rates. There were a couple of Fed member speaking engagements this morning, but they failed to yield any surprises that the markets were interested in. This morning’s bond gains were a pleasant surprise after such a bad week. However, be careful if floating an interest rate as one good day doesn’t mean it is the end of the negative trend.
Next week beings us the release of a couple of housing-related reports and some pretty important manufacturing data. In addition to those reports, we also will get the minutes from the most recent FOMC meeting and have two Treasury auctions taking place. Monday has nothing scheduled, so expect weekend news to be the cause of a noticeable move in bonds or mortgage rates. It will be interesting to see if today’s gains will carry into next week’s trading.
Look for details on all of next week’s activities in Sunday evening’s weekly preview.
©Mortgage Commentary 2018