Mortgage Rates Steady

Following aggressive moves upward last Thursday and Friday, today's mortgage rates seem to be holding steady. A return of upward pressure on MBS prices (downward pressure on mortgage rates) starts Monday's light trading. Japanese and UK markets are closed for holiday. This week should bring volatility back to the market with lots economic and mortgage reports being released: Federal Reserve Chairman Ben Bernanke speaks on Tuesday, MBA announces mortgage applications on Wednesday, Treasury auctions 10 and 30 year notes, and April employment numbers are due on Friday. Add to this increasing concern that the growing US national deficit with flood the market with debt and exceed demand. Stay tuned for the roller coaster ride!