Mortgage Rates Steady to Better, June 15, 2010

By:: David Coster - MortgageLoan.com

Mortgage Rates Steady to Better, June 15, 2010

Mortgage Rate Trend Direction Neutral/Down

Economic Reports/Rate Impact Import Prices, 8:30 AM ET, Low Rate Impact

Empire St. Index, 8:30 AM ET, Low Rate Impact

Key News European Debt Crisis

Summary

Yesterday brought continued roller-coaster-like moves in mortgage-backed securities prices which caused mortgage rates to take a similar ride. Rates started up but finished the day down. One unusual observation from yesterday was periods in the day in which both stocks and bonds prices were moving in the same direction. This is the opposite of the norm and is an indication that there is growing belief that the US economy is poised for growth, while at the same time there is much concern over the debt crisis in Europe. Today rates will likely open neutral to yesterday’s closing prices with a tendency to move down. Stock market activity has been positive in early trading. Economic news for the day is released early and will not likely move the markets significantly. News from Europe can move the markets again today as it has repeatedly over the past several weeks.

Impact of economic data released today

At 8:30 AM ET this morning the US Department of Labor released a report on Import prices that showed prices on imported goods declined. Also, the NY Federal Reserve Bank released its Empire State Index which surveys manufacturers in the State. Results showed increased activity and no real indication of inflation. Much more significant data is coming tomorrow and Thursday with the two most important gauges of inflation, the Producer Price Index and the Consumer Price Index.

Impact of international or political events

Yesterday’s late day downgrade of Greece debt to “junk” status and Spain’s expensive auction of debt securities today, the concern over the ability of European countries to continue to finance their debt will keep the issue front and center today. More negative news from Europe could lead to a rally in US bonds and mortgage-backed securities and result in lower mortgage rates.

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Loan Type	Today	+/-
30 yr fixed	3.72
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