Mortgage Rate News: Week of May 24, 2010
May 24, 2010
Mortgage markets improved again last week on worsening news out of Greece and the Eurozone. Then, as contagion mentality set in, U.S. mortgage bonds gained and mortgage rates fell.
It’s the 4th straight week in which conforming mortgage rates improved and, against the expectations of experts everywhere, it’s now late-May and mortgage rates are as low as they’ve been all year.
The European market concerns are likely overblown and the U.S. economy continues to expand at a measured pace.
This week, housing and inflation data takes center stage.
• Monday : Existing Home Sales data
• Tuesday : Case-Shiller Index; Home Price Index
• Wednesday : New Home Sales data
• Thursday : GDP
• Friday : Personal Consumption Expenditures
Each of these data points has the power to move mortgage rates — especially because trading volume is expected to thin as the 3-day weekend nears. As volume drops on Wall Street, it will be harder to match buyers and sellers and, as a result, mortgage pricing will get (more) erratic.
Rates should be most stable at the start of the week. It may be the best time to lock a rate
Categories: Mortgage Industry News
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