From Matthew Graham at Mortgage News Daily: Mortgage Rates Slightly Higher to Begin Shortened Week
Mortgage rates moved sideways to slightly higher today, keeping them in an exceptionally narrow range that’s persisted for the entire month of March. As of last Thursday, rates looked like they might make an attempt to challenge the lower boundary of that range, but they quickly backed off (or backed “up” as the case may be). Friday and today have seen a fairly steady move back toward the middle of March’s range.
Context is also important. While we can talk about “movement” in a literal sense in the past few days, for all practical purposes, the average mortgage seeker wouldn’t be seeing much of a difference. [30YR FIXED – 4.5-4.625%]
emphasis added
Tuesday:
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for January. The consensus is for a 6.2% year-over-year increase in the Comp 20 index for January.
• At 10:00 AM, Richmond Fed Survey of Manufacturing Activity for March. This is the last of the regional surveys for March.