Rates Drop On Weak Durable Goods Orders
26 March 2008
Mortgage rates will drop about 25 basis points today on a weaker than expected Durable Goods Orders report. The report re-enforced the fact that our economy is weakening.
New Home Sales for February also reported today greater than expected figures, however there was also an upward revision to January data, which, net-net, causes data to be in line with original expectations. Thus the markets did not react to this report.
Friday we’ll get the University of Michigan’s index of consumer sentiment revision for March as well as the Personal Income and Outlays report. Both reports will measure the strength of the consumer segment of our economy.
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