Mortgage interest rates moved higher late in the week even though there appeared to not be a catalyst for the move higher.  Generally the overall market is not favorable to mortgage interest rates with a tightening monetary policy by the Federal Reserve, accelerating economic growth and the fear that inflation will become a more significant factor.

Next week the following event will take place and economic data will be released:

  1. The Existing Home Sales report will be released on Monday;
  2. The New Home Sales report will be released on Tuesday;
  3. The Durable Orders report will be released and the European Central Bank will meet, both on Thursday; and
  4. First quarter GDP will be released on Friday.