Commentary: It is a very quiet -- very thinly traded day in the mortgage market. Investors have nothing of significance to consider in terms of macro-economic data and global news headlines are, at least for the time being, fully priced into the mortgage market.
Looking ahead to next week -- Monday's February Existing Home Sales report together with its cousin Wednesday's February New Home Sales report will dominate a week otherwise devoid of any other significant economic data.
The probabilities are high that the greatest influence on the trend trajectory of mortgage interest rates during the coming week will be created by trading action in the stock markets. Higher stock prices will tend to nudge mortgage interest rates fractionally higher while lower stock prices will favor the prospects for steady to perhaps fractionally lower mortgage interest rates.
My models are indicating a close above 11,960 for the Dow (as I write trading at 11,860) will sharply increase the likelihood of a multi-week rally of at least 400+ points lasting probably through the final week of March. If my assessment proves accurate, it will be difficult, if not impossible for mortgage interest rates to move notably lower during this time frame. Heads up.
THE MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
