Mortgage Market Update 11/29/18

Rates were little changed Thursday as newly released economic data had little impact.  This morning, weekly Jobless Claims rose to 234,000, above the consensus forecast of 220,000.  The figures may have been distorted by the shortened holiday week.  The October core PCE price index, the Fed’s preferred measure of inflation, rose 0.1%.  An increase of 0.2% had been expected.  October Pending Home Sales fell 2.6%, well below estimates for an increase of 0.5%, to the lowest level since mid-2014.  Higher mortgage rates and persistent inventory shortages were cited for the decline.  Detailed Minutes from the November 8 Fed meeting will be released at 2:00 PM.

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