Daily Commentary by Larry Baer: With nothing to chew on in terms of economic
news mortgage investors are taking directional cues from trading action in the
stock markets. Higher stock prices in this
morning's early going are dragging mortgage interest rates a touch higher.
Looking ahead to the coming holiday shortened
trading week Uncle Sam will be in the credit markets peddling $35 billion worth
of 2-year notes on Tuesday, $35 billion of 5-year notes on Wednesday and $29
billion worth of 7-year notes on Thursday.
Each of the three auctions will conclude at 1:00 p.m. ET.
Economic data scheduled for next week will be
highlighted by Tuesday's Existing Home Sales figures, Wednesday's New Home
Sales data and Thursday's initial weekly jobless claims report. The mortgage market will close early at 2:00
p.m. ET on Friday and will remain closed on Monday, May 28th for the
Memorial Day Holiday.
THE
MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
