Here we go with another week. It has the potential to be a busy one with lots of economic data for investors to parse through, as well as some congressional testimonies from Fed officials, and of course, the unfolding situation with the GOP tax bill. Read on for more details.
Where are mortgage rates going?
Potential volatility during very busy week
After some time off for Thanksgiving, we’re back in the swing of things with a jam-packed week for financial market participants.
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There are a handful of significant economic reports scheduled for release, including the second estimate for third-quarter GDP, Personal Income and Outlays, and ISM Manufacturing.
Federal Reserve
Also of note this week is the confirmation hearing for President Trump’s nominee for the next chair of the Federal Reserve, Jerome Powell. The current Fed governor will testify before Congress on matters relating to his (potential) new job.
There isn’t expected to be much opposition from Congress, leading to a smooth transition for Powell from governor to chair. So while the confirmation hearing might lack some pointed questions, it will still give investors some insight into how the Fed will be run by Powell.
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If we take a look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) we can see that it’s just barely below where it started the day. That means that mortgage rates aren’t moving much to start the week.
Rate/Float Recommendation
Lock now
Mortgage rates are flat today. There is definitely the risk that they rise this week, so we’re recommending that borrowers lock in their rate now.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
New Home Sales
New Home Sales for October came in at an annualized rate of 685,000. That’s a surprisingly strong reading, coming in above the consensus for 620,000.
Dallas Fed Mfg Survey
The production index came in at 15.1 for November, while the general activity index hit 19.4.
Fedspeak
- Minneapolis Fed President Neel Kashkari at 6:30pm
- New York Fed President William Dudley at 7:00pm
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Notable events this week:
Monday:
- New Home Sales
- Dallas Fed Mfg Survey
- Fedspeak
Tuesday:
- International Trade in Goods
- FHFA House Price Index
- S&P Corelogic Case-Shiller HPI
- Fedspeak
- Consumer Confidence
- Richmond Fed Mfg Index
Wednesday:
- GDP
- Fedspeak
- Pending Home Sales Index
- EIA Petroleum Status Report
- Beige Book
Thursday:
- Jobless Claims
- Personal Income and Outlays
- Chicago PMI
- Fedspeak
Friday:
- Fedspeak
- PMI Manufacturing Index
- ISM Mfg Index
- Construction Spending
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from Total Mortgage Blog http://ift.tt/2zI8HtJ
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