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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, we witnessed subdued trading volumes as Thanksgiving and the general holiday vibe created a lethargic mood in fixed income markets. Mortgage rates increased just slightly, and US treasury rates decreased just slightly, widening the basis by a smidge. Equities realized more dramatic moves as the popular headline index, DJIA, sold off over 1K points (a sell-off of nearly 5% WoW).

This week we’ve got Chicago Fed activity and Dallas Fed Manufacturing activity to start us off. Followed by FHFA Home Price Index, Q3 House Price Purchase Index, CoreLogic, and Conference Board Consumer Confidence on Tuesday. Wednesday is the busiest day of the week with MBA Mortgage Applications, Wholesale Inventories MOM, GDP Annualized QoQ, GDP Price Index, New Home Sales MoM, Richmond Fed Manufacturing, Core PCE QoQ, and Personal Consumption (…and exhale). Thursday we’ll get Personal Income, Personal Spending, Initial Jobless Claims, Continuing Claims, Pending Home Sales MoM, and FOMC Meeting Minutes. Finally, we’ll close the week with Chicago Purchasing Manager data.

Economic Calendar for the week of 11/26/2018 to 11/30/2018:

Monday: Chicago Fed activity and Dallas Fed Manufacturing activity
Tuesday: FHFA Home Price Index, Q3 House Price Purchase Index, CoreLogic, Conference Board Consumer Confidence
Wednesday: MBA Mortgage Applications, Wholesale Inventories MOM, GDP Annualized QoQ, GDP Price Index, New Home Sales MoM, Richmond Fed Manufacturing, Core PCE QoQ, Personal Consumption
Thursday: Personal Income, Personal Spending, Initial Jobless Claims, Continuing Claims, Pending Home Sales MoM, FOMC Meeting Minutes
Friday: Chicago Purchasing Manager
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