What will mortgage interest rates do tomorrow? Mortgage professionals are voting in our daily poll. The Consumer Price Index came in strong this morning at +0.3 instead of the forecasted +0.2. The bond markets quickly reacted to this data, pushing mortgage rates slightly lower. Bond market liquidity has been forceful this morning, partially due to Memorial day weekend cutting today short. Yellen's speech at 1 pm ET will likely have a big impact on MBS. Expect mortgage rates to decrease in response.
Thursday: MBS started rallying today. MBS started in positive territory and remained relatively unchanged after the jobless claims data. Initial jobless claims increased by 10,000 to a seasonally adjusted 274,000. Economists expected 271,000 new claims. Although applicants increased last week, unemployment benefits remain at historically low levels. The Philly Fed Index came in weaker than expected showing that regional manufacturing activity is increasing at a slower rate. It came in at 6.7 instead of the expected 8.0. Existing home sales data also came in weaker than expected. Existing home sales for April declined 3.3%. March was revised to 5.21 million from the intitially reported 5.19 million. Expect MBS purchases to go down tomorrow, which will push rates higher.
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