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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 mortgage rates rise. Equities continued to perform well and yields on bonds were driven higher, with the yield on the U.S. 10-year yield rising to 2.860%.

This week after the Labor Day holiday, Tuesday brings the manufacturing ISM and final manufacturing PMI for August, together with construction spending data for July. On Wednesday, the full trade balance for July will be released. Thursday, we get the ADP employment report, as well as the non-manufacturing ISM and final services PMI reports for August. Data on factory orders for July and a second reading on labor productivity for Q2 will also be released on Thursday. Finally, on Friday there will be nothing to distract investors from analyzing the official employment report for August.

Economic Calendar for the week of 09/03/2018 to 09/07/2018:

Monday: N/A
Tuesday: Markit US Manufacturing PMI, Construction Spending, ISM Manufacturing, ISM Employment, ISM Prices Paid, and Wards Total Vehicle Sales
Wednesday: MBA Mortgage Applications and Trade Balance
Thursday: ADP Employment Change, Nonfarm Productivity, Unit Labor Costs, Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort Index, Markit US Services PMI, Markit US Composite PMI, ISM Non-Manufacturing Index, Factory Orders and Capital Goods Orders
Friday: Change in Nonfarm Payrolls and Unemployment Rate, Average Hourly Earnings and Labor Force Participation Rate

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