The Week Ahead: Home Sales, GDP, Japan, Libya
ByPosted To: MBS Commentary
While mostly overlooking a dense economic calendar last week, investors were forced to base their trading behavior on breaking news headlines and events. Mortgage rates benefited from a “flight to safety”, but it was a roller coaster ride. There were large spikes and big drops. An abundance of chaos if you will. Much of the storyline has yet to develop in Japan, Northern Africa, and the Middle East. Thus we’d expect breaking headline news to dictate the direction of mortgage rates this week too . Equity futures rose sharply overnight as Japanese emergency forces were able to restore power to nuclear plants, prompting the Prime Minister to speak of “light at the end of the tunnel.” S&P 500 futures are 14.75 points higher at 1,289.00 and Dow futures are 112 points higher at 11,911 “Continued…(read more)