Monday Market Commentary: Rates Hit Multi-Year Lows

by Alex Stenback on January 7, 2008

Last Week:
A weak employment report showing only 18,000 jobs created and unemployment at 5% helped mortgage bond prices and their corresponding rates improve to the lowest level in roughly two years.  We are continuing to see a choppy donwtrend in mortgage rates, which fits with our premise that as the economy slows, mortgage rates will drift downward throughout 2008.
This Week:
A sparse economic calendar with only second-tier numbers (pending home sales, weekly jobless claims, crude inventories, balance of trade) won’t provide much market-moving influence.  Look for rates to move about on technical factors or major swings in stocks – it would not suprise to see rates pull back a little from their low, slightly overbought levels, though they should remain in a general (if choppy) downtrend in the coming weeks.
This Week’s Economic Calendar [Barrons]

{ 2 comments… read them below or add one }

Shams January 24, 2008 at 7:28 pm

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famesh January 29, 2008 at 7:32 pm

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