It was another volatile week for the stock market as stocks lost ground and traders flocked to the bond market for security. Europe was the headline news as traders worry if Greece will be able to turn their overall financial situation around or if they will default on their loans in the future.
Along with this news, we had good news from the inflation front. Consumer Price Index and Producer Price Index came in lower than expected showing that inflation is not an issue at the moment. But remember, inflation will eventually raise its ugly head.
This, of course, helped the bond market and mortgage interest rates. And whether this will continue is any one’s guess. Friday, the stock market did rebound and did gain some of their losses back.
This week, we have several important economic reports being released that can move the market as well as a new round of Treasury auctions to the tune of $113 Billion of 2, 5, and 7 year bonds.
The most important day will be on Friday which has Chicago PMI and Personal and Core Consumption for April and Year over Year. Other news that can affect the markets will be on Monday, Existing Home Sales; Tuesday, Consumer Confidence; Wednesday, New Homes Sales; Thursday, Initial Jobless Claims. And let’ s not forget, Europe.
You can read about this and more in detail in this week’s MMG Week in Review as well as “Insuring a Smart and Safe Vacation”.
As always, I’ll be following these and more so that I am up on the news that affects mortgage interest rates.
You can also check out the Daily Rate Lock Advisory each day. This report normally comes out around 10am.
I also will report daily on twitter @mmtgsolutions on the mortgage interest rates and what to expect for the day. If one of these reports moves the market in a significant manner, I’ll write about it here.
Please remember, I welcome your comments to this and my other posts.
To an inspiring week,
Betsy Moore
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