Mortgage Rates and What May Move Them This Week: July 11, 2011
By Robert Rauf
(HomeBridge Financial Services (NJ))
Last week was a good one for interest rates, with Fannies gaining back 26/32nds by the close on Friday. The two "good days" were Tuesday which I attribute mostly to dust settling, and Friday where the employment report ended up weaker than expected which sparked a rally in the Credit markets. Remember: Bad news is Good news for interest rates. This week is a pretty busy calendar of auctions, Data and Fed activity, here is how the week shapes up: Monday July 11: A no News day with Fannies taking direction from stocks, With stock selling off today we have an improving mortgage market which in turn leads to lower rates for our clients. Tuesday July 12: Auction number 1 of the week with the Treasury selling $32 Billion in 3 year notes. Here is a fun fact to worry about: The Fed ran out of ...