Last week mortgage rates remained basically unchanged. During he last two weeks the bond and mortgage markets have stayed in a narrow range. The 10 yr Treasury note, driver for mortgage rates, has been confined in a 6 bp range from 1.75% to 1.69%. The note has been unable to break strong resistance at 1.69% resulting in mortgage rates remaining about unchanged since early April. Interest rate markets are driven these days by each move in the key stock indexes; that market has experienced increased volatility but interest rates haven’t shown much change, remaining in their tight ranges. This week 170 of the S&P 500 will report earnings, Q2 earnings so far have shown a mixed picture, some good others not meeting expectations. Expect continued high volatility in the equity markets this week. If the 10 yr note exceeds 1.75% on a closing basis, interest rates will likely edge higher
What'
s Coming Up Next This week
the bond and mortgage markets will likely be slightly weaker resulting in slightly higher mortgage rages.
