Updated on April 21, 2017 10:34:49 AM EDT
Today’s only relevant economic data was Marchs Existing Homes Sales at 10:00 AM ET. The National Association of Realtors announced a 4.4% rise in home resales last month. This exceeded expectations and pushed sale levels to their highest point since February 2007. Because housing sector strength helps make broader economic growth more feasible, this is bad news for bonds and mortgage rates.
Next week doesn’t have a large number of reports scheduled for release but does have a couple of important ones. Of particular interest will be the initial 1st Quarter Gross Domestic Product (GDP) reading. There also are a couple of Treasury auctions that may influence rates and corporate earnings season really picks up steam.
There is nothing set for Monday that we need to be concerned about, so weekend news and/or stock movement are likely to be behind a noticeable move in rates as the week starts. Look for details on all of next week’s activities in Sunday evening’s weekly preview.
©Mortgage Commentary 2017