The volatility continues. Mortgage backed bonds have dropped significantly on the first day of this holiday shortened week based mostly on global inflation fears. Also, new home sales rose for April, but home price decline accelerated in March. We will look to reports on durable goods tomorrow, auto sales on Thursday, and Personal consumption expenditures as well as the Chicago PMI on Friday for guidance on which way mortgage interest rates will move in the short term as well as the long term. We are forcasting continued volatility for the short term due to these highly uncertain economic times and historically low consumer confidence.
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