MORTGAGE MARKET UPDATE FOR THE WEEK ENDED MAY 18, 2018

Early in the week the European Central Bank announced that it would favor tighter monetary policy going forward.  This factor along with the data on the US economy showing no signs of slowing mortgage rates moved higher this week and ended the week at their highest  level in 7 years.

Next week the following events will occur and economic data will be released which could impact mortgage interest rates:

1. The New Home Sales report will be released on Wednesday;
2. The Existing Home Sales report will be released on Thursday;
3. The Durable Orders Report will come out on Friday; and
4. There will be Treasury Auctions on Wednesday and Thursday.