What's ahead for mortgage rates this week: September 14, 2009

Mortgage markets improved last week, briefly touching their best levels in 3 months. However, a rough Friday afternoon took away some of those gains. Mortgage rates touched their lowest levels of the week Friday morning before tacking on an eighth-percent or more over the last 90 minutes of trading.

It's the second straight week in which mortgage rates fell. Last week was an odd week, of sorts, because economic data was lacking. Markets, therefore, improved mostly on momentum plays and a general shift from cash positions into bonds.

This week, data returns. In addition to the Consumer and Producer Price Indices -- "Cost of Living reports" for households and businesses, respectively -- markets will also digest a Retail Sales report, Housing Starts for August, and 3 speeches from members of the Federal Reserve. Each has the power to move markets.....

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