Rate Update November 19, 2010

Posted on by Evan in Rate Update

Mortgage rates are unchanged from yesterday.

With a lack of economic data today I expect a relatively quiet day.  Earlier today in Frankfurt, Germany Fed Chairman Ben Bernanke defended the Fed’s QE2 policy to other central bankers from around the world and explicitly criticized China for it’s policy of currency manipulation.  His speech is receiving a lot of attention in the financial media today and it likely to draw rebuttal from Chinese officials.

Despite the fact that next week is a short one it is packed with economic data points.
I anticipate some volatility with a lot of headlines and fewer traders in the market because of the holiday.  In addition, the US Treasury is scheduled to auction $99 billion in 2-year, 5-year, and 7-year notes so mortgage-backed bonds will have to compete with the government to find buyers.

Current outlook: locking