Another Quiet Day for Mortgage Rates
22 May 2007
Tuesday’s mortgage rates are flat again with no news due for release and flat stock market activity. Focus remains on the reports due out on Thursday. Tomorrow, Wed, should also be a quiet day for mortagge rates.
Durable Goods report (which guages manufacturing sector strength by tracking orders for high-priced goods) is the most important report we’ll receive this week. If we see signs of strength in this reports, mortgage rates will likely increase.
New Home Sales data and Existing Home Sales data are due out on Thursday and Friday respectively which will give us a sense of April’s housing sector. Unless there is a strong surprise here, these reports probably will have less impact on the market than the Durable Goods report.
Remember, the market closes early on Friday and is closed on Monday for Memorial Day.
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