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Today, unlike recent days, brings quite a bit of economic data to provide guidance to the markets. The Import Prices and Retail Sales reports released early this morning are likely to provide the initial direction for mortgage rates today.
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European stocks are flat today while Asian stocks have closed moderately higher. The US Stock market is flat in early trading this morning. Yesterday the mortgage-backed securities market lost substantial ground at the very end of the day but has regained that ground and more in early trading. Consequently, mortgage rates will likely be neutral today. An afternoon auction of 30-year US Treasury bonds and the release of the notes from the last Federal Open Market Committee may provide further direction.
Impact of economic data released today
Import Prices for goods brought into the US, but produced elsewhere, declined modestly. The Retail Sales report indicated that US consumers are still being conservative in their spending, though it has increased from last month. With no surprises in these initial reports today the stock market and mortgage pricing may be in a holding pattern for much of the morning until additional data is released.
Source information provided by mortgageloan.com and Kent Friend.
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