Hopefully rates do not follow the trend of Monday.  Mortgage Backed Securities shed roughly 31bp which translates into an increase in consumer Mortgage rates.

This week, there isn’t much data to watch and, because of Memorial Day, trading will be very light towards Thursday and Friday.

It’s during “calm” weeks like this that mortgage rates can make huge movements up or down.  With no official announcements against which traders can make bets, every piece of news is a surprise.

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