Tuesday, November 21 Market Update

What's going on and why does it matter? Mortgage bonds are trading firmly below their 200-day moving average.  It seems like bond trading will continue to be range-bound during this holiday-shortened trading week. The Fed's mortgage bond buying program today is limited to $520 million of 15-year conventional mortgages, but they'll be back in the market tomorrow with a sizable purchase of 30-year conventional mortgages. The bond market is closed on Thursday for the Thanksgiving holiday, and there is only a half-day of trading scheduled for Friday. What should you do about it? Lock your rate to be safe. ..... Economic reports that may impact mortgage rates this week: Date Report Period Prior Est. Actual Tue 21 Nov Existing Home Sales Oct 5.39M 5.42M Wed 22 Nov Durable Goods Oct 2.2% 0.3% Wed 22 Nov Initial Jobless Claims Week of Nov 13 249k 240k Wed 22 Nov U of Mich Consumer Sent. Nov 100.7 98.0