Daily Commentary by Larry Baer: The economic calendar offers nothing of significance for mortgage investors to use as their basis as they set mortgage interest rates today. The upward tilt for stock prices in today's early going is making it difficult for rates to gain any traction toward lower levels.
Looking ahead to the coming holiday shortened week the entire battery of scheduled economic news is expected to be generally mortgage interest rate neutral. The Commerce Department will release its December Producer Price Index figures on Wednesday and will follow-up with the release of the December Consumer Price Index data on Thursday. Both measures of inflation pressure within the economy are expected to be non-threatening in terms of the current trend trajectory of mortgage interest rates. The National Association of Realtors will release their December Existing Home Sale figures on Friday -- expected to show a 4.0+% gain for the month. The improvement in the pace of existing homes sales during the last month of the year is broadly anticipated by mortgage investors and is fully priced into the current level of mortgage interest rates.
THE MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
