Mortgage rates are relatively flat today. There was a downward surge in yields that began at 8:20am when the domestic market opened, but other than that, it's been a strong market for US bonds, and weak in the overseas bond markets. European markets are no doubt still reeling from recent events in France and Germany, so it stands to reason that there would be a divergence in the domestic and overseas bond markets. The domestic data this week could have less-than-normal impact due to the holiday season, and the slowness that typically ensues around this time of year. Today we see the Existing Home Sales and the 2 Year Auction. Tomorrow we see the GDP Prelim, 20-City Home Price Index, Consumer Confidence, and the 5 year note auction. Wednesday we see the release of the Mortgage Market Index, Personal Consumption, Income, Durable Goods, Initial Jobless Claims, Monthly Home Price, New Home Sales, Consumer Sentiment, and 7 year note auction. Thursday and Friday markets are closed due to the holiday season. Check back tomorrow to get the most up to date mortgage news.
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