Mortgage rates are undeniably sideways today as was anticipated. There were a few small blips today brought about by the 7 year treasury auction, but otherwise, data is not making much of an impact , despite plenty of opportunities to do so. A few of the reports released, such as the Personal Consumption report (0.1 versus the 0.3 forecasted) would have ordinarily had an impact, but didn't. The European session made massive strides in the long term yields, but these moves failed to motivate the US markets. This is one of the bigger separations between European and domestic markets as of late. It appears that rates are dancing to their own holiday beat, and not much can change that tune. We expect the rest of the day to be pretty uneventful, as it seems that today is being treated as the "end of month" for the purposes of the mortgage market. Check back after the long weekend to get the most up to date mortgage news.
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