What's going on and why does it matter?
Mortgage bonds opened flat today
in a quiet start to this holiday-shortened trading week. The Fed is
scheduled to purchase a sizable $1.45 billion in 30-year conventional
mortgage bonds today, so that may help to keep bond prices elevated.
It seems that mortgage bonds may continue to drift sideways in a
range between their 30-day and 200-day moving averages. The personal
income report for April came out this morning in line with market
expectations, although the PCE inflation numbers for April were
elevated. Later this week the market will be digesting the
all-important non-farm payrolls report.
What should you do about it?
Lock your rate to be safe, especially while mortgage bonds continue to trade near the top of their recent range.
What should you do about it?
Lock your rate to be safe, especially while mortgage bonds continue to trade near the top of their recent range.
Economic reports that may impact mortgage rates this week:
Date
|
Report
|
Period
|
Prior
|
Estimate
|
Actual
|
Tue
30 May |
Personal
Income |
Apr
|
0.2%
|
0.4%
|
0.4%
|
Tue
30 May |
Core PCE
Price Index |
Apr
|
-0.1%
|
0.1%
|
0.2%
|
Tue
30 May |
Consumer
Confidence |
May
|
120.3
|
119.8
| |
Thu
1 Jun |
ADP National
Employment |
May
|
177,000
|
180,000
| |
Thu
1 Jun |
Initial Jobless
Claims |
Week of
May 22 |
234,000
|
238,000
| |
Thu
1 Jun |
Construction
Spending |
Apr
|
-0.2%
|
0.5%
| |
Thu
1 Jun |
ISM
Mfg. PMI |
May
|
54.8
|
54.6
| |
Thu
1 Jun |
Total
Vehicle Sales |
May
|
16.88M
|
16.9M
| |
Fri
2 Jun |
Non-Farm
Payrolls |
May
|
211,000
|
182,000
| |
Fri
2 Jun |
Average
Earnings |
May
|
0.3%
|
0.2%
|
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