The world of mortgage rate analysis is both simple and complicated. On a simple note, rates are near long-term lows and they'll generally continue to follow the broader market for interest rates (which is largely based on US Treasuries, domestically). …Wednesday:
The biggest issue--and the one that's most difficult to explain in simple terms--is that mortgages have not been doing a good job of keeping pace with Treasury yields lately. [30YR FIXED - 4.0% - 4.125%]
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• At 10:00 AM, Richmond Fed Survey of Manufacturing Activity for May. This is the last of regional manufacturing surveys for May.