Mortgage News to Start the Week -- Heads Up!

Good information to start your week. Mortgage bond prices fell last week pushing interest rates moderately higher. The up and down trading pattern continued with rates rising and falling throughout the week. Strong stocks mid week and stronger than expected ISM Index data didn’t help keeping rates as low. Consumer confidence came in at 53.5, higher than the expected 49.9 mark and pressured rates. Weekly jobless claims and factory orders data were near expectations. Rates rose by about 1/4 of a discount point for the week.

The Treasury auctions and the weekly jobless claims data will be the most important releases this week. Expect more volatility, as stocks and bonds are likely to continue their back and forth trading pattern.