Mortgage Rate Update March 28, 2012

Posted on by Evan in Rate Update

Mortgage rates are unchanged today.

The US financial markets are trading mostly sideways as investors weigh mixed economic data and upcoming treasury auctions.

The Commerce Department reported earlier today that orders for durable goods rose by less than expected in February.  However, when you strip out volatile transportation orders the increase was in line with expectations.  The report doesn’t appear to be having a significant impact on the interest rate markets.

It may be hard for interest rates to improve today with the US Treasury set to auction $35 billion in 5-year notes.  Unless demand for the offering is exceptionally strong I don’t see rates improving today.

The economic calendar heats up tomorrow with revised Q4 2011 GDP and jobless claims and concludes on Friday with a long list of significant reports.  With rates about .125% lower than the recent highs created last week I maintain that locking is a good decision.

Current Outlook: locking bias