Rate Update July 9, 2010

Mortgage rates are mostly unchanged this morning.

It looks like it will be a relatively quiet day in the bond markets with no significant economic data to chew on.

The technical trading patterns suggest that the stock and bond markets have corrected from their previously oversold and overbought levels.  Next week I expect the economic data points to play a more substantial roll in determining the movement of interest rates.

Speaking of…next week’s schedule looks very busy.  The US Treasury announced yesterday that they would auction $69 billion in 3-year, 10-year, and 30-year bonds.  This number was in line with expectations.  Click HERE to understand how government borrowing can impact mortgage rates.

For now we’ll shift into a neutral position.

Current outlook: neutral