Weekly Update | May 31, 2013
Mortgage rates continued to see high volatility throughout the short trading week. On Tuesday rates worsened throughout the day, climbing by an even higher margin than they did throughout last Wednesday's massive spike, as better than expected Consumer Confidence and Home Prices fueled early Fed exit concerns. Rates began to improve sharply as buyers reentered the market Wednesday morning, while Thursday's worse than expected GDP, Employment, and Home Sales reports began to soften early Fed exit concerns. Mortgage volatility then continued Friday morning, as rates opened up better alongside of worse than expected Personal Income and Spending reports, then sharply spiked alongside of better than expected reports of Chicago PMI and University of Michigan Consumer Confidence.
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