Mortgage Rates were volatile last week on news surrounding the Greece crisis. Rates improved mid-week on fears of a collapse of the Greek economy, and then worsened when a proposed bailout program was announced.
Adding to the upward pressure of mortgage rates on Friday was the release of some strong positive economic data including the hottest home sales data in quite some time. It is difficult to know if this is a sign the economy is in recovery mode or if housing is being artificially stimulated by the home buyer tax credit.
This week will be interesting as a record amount of bond supply is hitting the market. In addition, the FOMC will be having a meeting with their policy statement being released on Wednesday.
View the Mortgage Market Update video for full commentary.
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