Mortgage Market Commentary
The week ahead shapes up as an exciting one for mortgage backed securities (MBS) culminating with the important March Employment report released on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Monday starts off pretty tame, no economic reports due but short term T-bill auctions and a couple of Fed speakers will garner attention. Case-Shiller Home Price Index, Chicago Purchasing Manager Index (PMI) and Consumer Confidence will provide a broad view of the economy on Tuesday. Wednesday brings a slew of information including Mortgage Bankers Association weekly application data, Challenger & ADP Employment figures, ISM Manufacturing Index, Construction Spending and Pending Home Sales, a leading indicator for the housing market. Thursday's most pertinent data are Jobless Claims and Factory Orders. Besides the all important Employment Report on Friday, we also get ISM Services Index plus Fed Chief Bernanke speaking which usually causes a stir. Combine all that with legislative drama, Administation initiatives and global equity concerns PLUS the penultimate trading week before April Conforming MBS "rollover" and this will be an exciting week in the mortgage world!
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