Rates ended last week where they started after falling mid-week to close at 4.625% with 2 points and 5.125% with 0 points for the 30 year fixed.
Thursday’s announcement of a higher than expected Treasury auction this week of $123B ignited another round of fears of when inflation will force the Fed to begin raising rates.
In addition to the Treasury auctions, the week is full of economic reports that will determine the course of rates for the week. Consumer Confidence and Durable Goods Orders are being reported Tuesday and Wednesday respectively and Friday will be a big day as 3 comprehensive reports are scheduled that will further gauge the strength or weakness of the economy.
Also anticipated is a vote in the Senate on Tuesday that will extend the First Time Homebuyer tax credit for an additonal 4 months. An announcement is expected soon after the vote.
~Submitted by Kevin Luddy, President, Constitution Mortgage
