The Week in Review:
The month of May has not been kind to mortgage interest rates. Although economic news was mixed last week, the upward trend that started at the beginning of the month remains intact. Interest rates moved higher by approximately .125% on the week.
What to Expect:
There are several economic releases at the end of the week; However, Bernanke’s testimony on the state of the economy to the Joint Economic Committee this Wednesday has the most potential to influence the markets. The big question: When will the Fed stop supporting the bond and mortgage markets? Currently, three Fed Presidents favor a phasing out of the bond purchase program. Will additional Fed Presidents follow suit?
Stay tuned:
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Courtesy of:
Bob Bregitzer
Southeast Mortgage
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