Daily Market Update 10/31/17

Mortgage rates held steady despite the release of stronger than expected economic data.  This morning, the Chicago Purchasing Managers Index jumped to 66.2, well above the consensus forecast of 61.0, to the highest level since in more than six years.  Readings above 50.0 indicate expansion in manufacturing in the Midwest region.  The S&P Case-Shiller 20-city home price index reported a 5.9% increase in home prices over the past year.  Consumer Confidence rose to 125.9, easily beating expectations of 121.5.  The remainder of the week could prove highly volatile for interest rates as the Fed will release a policy statement tomorrow following its two-day Federal Open Market Committee meeting.  More details on a proposed tax plan are to be released this week.  President Trump is expected to announce his candidate for the next Federal Reserve Chairman on Thursday.  The Employment Report for October will be released on Friday.  No other key data will be released today.

Back to top