Mortgage rates are unchanged this morning.
As you’ve heard by now US forces killed Osama Bin Laden yesterday. This is great news for our country but isn’t expected to have a significant impact on financial markets. In early trading stocks are trading slightly higher, bonds are even on the day, and gold & oil are slightly lower.
In the economy, manufacturing data showed that activity slowed by a less than expected pace in April. According to the Commerce Department spending on construction grew by more than expected in April but still remains at a very low level.
The economic calendar is fairly full this week and includes important jobs data on Wednesday, Thursday, and Friday. From a technical perspective mortgage-backed bonds remain “overbought” which is not a good sign for mortgage rates. I will maintain a locking outlook.
Current Outlook: Locking