Mortgage bonds are inching higher after bouncing off their 200-day moving
average yesterday. On the economic calendar, the market will be digesting
the consumer confidence numbers later this morning. Also on the radar will
be the Senate's confirmation hearing of Jerome Powell to head the Federal
Reserve and a few Fed policymakers who are scheduled to give speeches.
The market will also be paying close attention to the Senate Banking
Committee's vote on the tax reform bill, which is scheduled for today.
The full Senate vote is planned for Thursday. The Fed is scheduled to
purchase up to $1.645 billion of 30-year conventional mortgage bonds today.
should you do about it? Watch for mortgage bond prices to continue improving, but be prepared
to lock your rate quickly if mortgage bonds fall back toward their
200-day moving average.
reports that may impact mortgage rates this week: