Mortgage Rates Steady

Mortgage rates did not move today as they have held steady heading into the three day weekend. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios is unchanged at 4.25%.  

It was a boring trading session based upon very thin volumes as most of the major traders started their Memorial Day weekend at yesterday’s close.  We had only one domestic release today and as you can see there was very little reaction to it.  Today's lack of movement puts an exclamation point on more than a week of generally sideways rates.  In the current case, being sideways is a good thing as it's occurring right around the lowest rates in 11 months. . 

All in all it was a nice and boring day with MBS trading in a very flat range.  Markets are waiting to see if the European Central Bank will embark on a round of Quantitative Easing at their upcoming meeting. 

In summary, a slow day in rate markets as anticipated today. We closed early as we essentially treaded water into the holiday weekend. Although there is some economic data next week, the first week of June brings May's jobs report and an announcement from the European Central Bank, and traders will be closely watching both.  Happy Memorial Day!