Daily Commentary by Larry Baer: With nothing in the way of economic news or
events on tap - trading action in the stock markets will probably exert the
most significant influence on the trend trajectory of mortgage interest rates
today. Higher stock prices will tend to drag mortgage rates higher while
lower stock prices will probably prove supportive of the prospects for steady
mortgage interest rates.
The coming holiday
shortened week will be dominated by a $99 billion dollar, three-part Treasury
debt auction running from Tuesday through Thursday. $35 billion of 2-year
notes will hit the auction block on Tuesday, followed by $35 billion of 5-year
notes on Wednesday and the whole thing will wrap-up with the sale of $29
billion of 7-year notes on Thursday.
The scheduled
economic news will be light. February New Home Sales on Tuesday will share what
little limelight there is with Thursday morning's release of the final revision
to the government's "guesstimate" for Q4 Gross Domestic
Product. The mortgage market will close early at 2:00 p.m. ET on Thursday
for the Good Friday Holiday. The Commerce Department will release the
February Personal Income and Sending data on Friday morning - but few will
notice since the stock and bond markets will be closed in observance of Good
Friday.
THE MARKET
IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
