Mortgage rates moved more last week than has previously been seen in the last few months, ending the week slightly higher. This week has a few economic events as shown in the calendar below which have the potential to move mortgage rates.
A handful of FOMC board members will be speaking thoughout the week. While their words do have the potential to move markets, it is unlikely that they will speak about any factors in the market that aren’t already widely known by market watchers.
Ben Bernanke Speaks
This morning FOMC Chairman Ben Bernanke spoke briefly, again assuring the markets that the Federal Reserve still intends to keep rates low into 2014. He touched on the obvious observation that the job market in the US is still weak.
Ben Bernanke, FOMC Chairman Weighs in On Future FOMC Actions
Further significant improvements in the unemployment rate will likely require a more-rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accomodative policies.
Economic Calendar for Week of March 26, 2012
- Monday – Pending Home Sales Index
- Tuesday – S&P Case-Schiller HPI, Consumer Confidence
- Wednesday – Durable Goods Orders
- Thursday – GDP, Jobless Claims, Ben Bernanke Speaks
- Friday – Personal Income and Outlays, Consumer Sentiment