is the fact that the benchmark 10-year yield broke above 2.90% earlier this morning, which looks to be a strong resistance level. I don?t think we are completely out of danger yet in terms of rising mortgage rates, but at this level I would feel a little more comfortable floating a rate than I have been over recent weeks. I have been calling for yields to rise to this range before we would likely see a downward trend in mortgage rates again, so it is time to review recommendations for a possible shift to a less conservative stance.
Next week has only a couple pieces of economic data scheduled for release, but they are considered highly important and will be posted the latter part of the week. There are also a couple Treasury auctions that are known to be influential to mortgage rates the middle days. I don?t see anything of importance set for Monday, so we can expect weekend news and possibly this afternoon?s trading to set the opening tone for the week. Details on next week?s agenda, along with possible changes to lock/float recommendations, will be in Sunday evening?s weekly preview.