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April 21st, 2014

April 21, 2014; 9:15am

Good morning!

Interest rate trends: Today – Lower; 10 days – Flat; 25 days – Flat

Interest rate recommendation:  Floating

Mortgage bonds (MBS’s) are doing well this morning after last weeks sell off worse.  There are no economic reports due today and the week is light on news.  The U.S. Treasury will auction $96 billion in debt, but they are short term notes, so we are not too worried about them.  Interest rates are mostly the same as they ended last week, not much change.  We will get to see Existing Home sales data tomorrow, New Home Sales on Wednesday, Durable Goods Orders on Thursday and Consumer Sentiment on Friday.  These reports are listed to only have a moderate impact on rates, not significant.  With MBS’s improving this morning, we will switch to a floating recommendation and see where we get.  There is room for one price improvement from the lenders presently.  Have a great day!  

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