Mortgage rates pulled off a repeat performance of last Friday’s intraday drama. The average lender began the day in higher territory as bond markets were weaker in the morning. Bonds recovered nicely and mortgage lenders were more than willing to adjust rate sheets accordingly. After being in slightly weaker shape compared to Friday’s latest levels, the average lender was noticeably better than Friday by the end of the day. [30YR FIXED – 3.04%]
• All day, Light vehicle sales for May. The consensus is for light vehicle sales to be 10.8 million SAAR in May, up from 8.6 million in April (Seasonally Adjusted Annual Rate).
• 10:00 AM, Corelogic House Price index for April.