MBS are down -6/32 (FNMA 30-yr 3.5 at 104.28), around 3/32 below morning levels, and at the low for the day. MBS drifted lower today as the stock market rallied. No economic data was released. The Dow is up 80 points. For the week, MBS fell about 6/32.

The biggest event next week may be Friday's EU Summit. In the US, New Home Sales will be released on Monday. Durable Orders and Pending Home Sales will come out on Wednesday. The final revisions to first quarter GDP will be released on Thursday. Core PCE inflation, Personal Income, and Chicago PMI Manufacturing will come out on Friday. Consumer Confidence and Consumer Sentiment will round out the schedule. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday.

Details provided by mbsquoteline.