What's
going on and why does it matter?
Mortgage bonds opened lower today and they are now trading below their
200-day moving average. Global stock markets improved overnight in
light of progress made by Great Britain and the European Union on the
Brexit negotiations, coupled with tax reform progress in the US. The
tax reform bill passed the Senate Banking Committee yesterday, with a vote
expected by the full Senate on Thursday. Bond prices are also being
pressured by a large supply of corporate bonds that are scheduled to hit
the market today. The Fed's mortgage bond buying activity today is limited
to $565 million of 15-year conventional mortgage bonds.
Economic
reports that may impact mortgage rates this week:
|
Date
|
Report
|
Period
|
Prior
|
Est.
|
Actual
|
|
Mon 27 Nov
|
New Home Sales
|
Oct
|
667k
|
625k
|
685k
|
|
Tue 28 Nov
|
Consumer Confidence
|
Nov
|
125.9
|
124.0
|
129.5
|
|
Wed 29 Nov
|
GDP 2nd Estimate
|
Q3 2017
|
3.0%
|
3.2%
|
3.3%
|
|
Wed 29 Nov
|
Core PCE Prices
|
Q3 2017
|
1.3%
|
1.4%
|
1.4%
|
|
Wed 29 Nov
|
Pending Home Sales
|
Oct
|
0.0%
|
1.0%
|
|
|
Thu 30 Nov
|
Personal Income
|
Oct
|
0.4%
|
0.3%
|
|
|
Thu 30 Nov
|
Core PCE Price Index
|
Oct
|
0.1%
|
0.2%
|
|
|
Thu 30 Nov
|
Initial Jobless Claims
|
Week of Nov 20
|
239k
|
240k
|
|
|
Fri 1 Dec
|
Construction Spending
|
Oct
|
0.3%
|
0.5%
|
|
|
Fri 1 Dec
|
ISM Mfg. PMI
|
Nov
|
58.7
|
58.4
|
|
|
Fri 1 Dec
|
Total Vehicle Sales
|
Nov
|
18.09M
|
17.5M
|
|
|
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