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MARKET COMMENTARY

A weekly look at where mortgage interest rates are headed. A weekly Economic Calendar is also included.

Oct 23, 2017

Mortgage rates rose last week largely in response to a rally in equities fueled by speculation that a tax cut for businesses will eventually make it through Congress.  The rally in equities saw the S&P 500 close at an all-time high.

The focus of this week's data is the advance Q3 real GDP release on Friday.  With the Fed rate decision coming up in the middle of next week, we are left without any Fed speakers as they enter their blackout period.  However, we can expect the markets to continue to look towards signs of who may be appointed as the next Fed Chair.  President Trump has attempted to signal as little as possible ahead of his decision.   We can probably expect a final decision late next week after the FOMC Rate Decision.  President Trump has stated, “I will make my decision very shortly” and indicated that Janet Yellen is still a possibility, noting “most people are saying it’s down to two (Taylor & Powell). I also met with Janet Yellen…I really like her a lot”, so “I have three people that I’m looking at”.

Economic Calendar for the week of 10/23/2016 to 10/27/2016:

Monday: Chicago Fed National Activity Index

Tuesday: Markit Services PMI and Richmond Fed National Activity Index

Wednesday: MBA Mortgage Applications, Durable Goods Orders, FHFA House Price Index MoM, and New Home Sales

Thursday: Wholesale Inventories, Initial Jobless Claims, Continuing Claims, Retail Inventories MoM, and Bloomberg Consumer Comfort Index

Friday: LGDP Annualized QoQ, Core PCE QoQ and University of Michigan Sentiment

Past Commentaries

Oct 23, 2017

Mortgage rates rose last week largely in response to a rally in equities fueled by...
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Oct 16, 2017

Last week the main event was Friday’s lower than expected CPI data...
Full Story

Oct 10, 2017

Mortgage rates increased slightly last week, as equities continue...
Full Story

Oct 02, 2017

Last week mortgage rates rose steadily throughout the week...
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Sep 25, 2017

Mortgage rates remained relatively unchanged week over week...
Full Story

Sep 18, 2017

Last week mortgage rates rose steadily throughout the week...
Full Story

Sep 11, 2017

Mortgage rates improved last week as the threats of hurricanes...
Full Story
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