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Unrest in the Middle East pushed mortgage rates slightly downward last week, even as economic
Week of news continued on a positive trend. U.S. Treasuries continue to be one of the safest places to put
Feb. 27, money, and when geopolitical uncertainty increases, like it did last week, we see money flowing into
2011 Treasuries in what is known as a “Flight To Quality.” While this has pulled mortgage rates down
slightly, there is plenty of upward pressure beginning to mount. Measures of consumer attitudes all
improved last month, and weekly jobless claims dropped below the 400K mark.
Mortgage This week could be an interesting week for the mortgage industry. If we continue to see protests and
Market uprisings across northern Africa, we’ll likely have money flowing into the US, and this may create
Commentary some downward pressure on rates. However, we have some big economic reports due this week,
including both ISM Indices and the Employment Report. If economic news points toward a stronger
growth pattern, then mortgage rates very well may begin moving back upward.
This Week’s Top Economic Reports and Events 30Yr 15Yr 1Yr ARM
Mortgage Rates
Report/Event Date Prior Est. Impact
ISM Manufacturing Index 3/1 60.8 60.5 Significant 5.00%
If both ISM Indices come in lower than expected, and the Flight To
Quality continues, mortgage rates may experience downward pressure. 12,000.00
After last month’s surprise drop, a revision back to the mid or upper 9% 11,500.00
200K, we’ll see some additional upward pressure on mortgage rates. 6.00