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MARKET COMMENTARY

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

Market Commentary

Last week saw little movement in mortgages or bonds in general. Mortgages traded in a very tight range throughout the end and made for one of the least volatile weeks we have experienced in a while.

The week begins quietly, with limited economic data. Most of the focus will begin on Wednesday when the FOMC minutes from the last Fed meeting are released. Since the statement was largely as expected, the more interesting takeaway will come from what the Fed was thinking at the time and the dialogue about neutral rates and two more hikes being expected this year. Thursday, we will receive jobs data, new home sales for July and the FHFA home price index for June. The week will end with the release of the advanced durable goods orders report for July. The real attention Friday will likely be the Kansas City Fed’s annual Jackson Hole symposium where Fed Chair Powell will deliver his speech on ‘monetary policy in a changing economy.

Economic Calendar for the week of 08/20/2018 to 08/24/2018:

Monday: N/A
Tuesday: N/A
Wednesday: MBA Mortgage Applications, Existing Home Sales, and FOMC Meeting Minutes
Thursday: Initial Jobless Claims, Continuing Claims, FHFA House Price Index, Bloomberg Consumer Comfort Index, Markit U.S. Manufacturing PMI, and Markit U.S. Services PMI
Friday: Durable Goods Orders

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