Mortgage rates held steady Friday following the release of weaker than expected employment data.  The economy added 261,000 jobs last month, below the consensus forecast of 320,000, however the shortfall was offset by upward revisions of 90,000 job gains for prior months.  The unemployment rate fell to 4.1%, the lowest level since December 2000.  The […]

Rates inched lower Thursday ahead of the release of the GOP tax reform plan and President Trump’s announcement of his nominee for Federal Reserve Chair.  The National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) have expressed opposition to Republican proposals to limit deductions for mortgage interest and real estate taxes, […]

Rates were little changed Wednesday ahead of this afternoon’s Fed announcement.  In today’s economic news, payrolls firm ADP estimated October private sector job growth of 235,000, above the consensus of 215,000.  The Institute for Supply Management manufacturing index fell to 58.7, a bit below expectations.  Readings above 50.0 indicate expansion in manufacturing.  Construction Spending rose […]

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 […]

Rates inched lower Monday reflecting a rally in mortgage-backed securities late Friday.  This morning, the September core PCE price index, one of the Fed’s preferred measures of inflation, rose 0.1%, matching forecast, and was 1.3% higher year-over-year.  Personal Income increased 0.4%, in line with expectations.  No other key data will be released today.  Rates may […]

Rates held steady Friday as mortgage-backed securities recovered from yesterday’s late losses.  In economic news, the first estimate for third quarter Gross Domestic Product (GDP) showed growth of 3.0%, well above the consensus forecast of 2.5%, however increased inventories accounted for 0.7% of the growth.  An increase in inventories in the current quarter takes away […]

Rates inched lower Thursday reflecting yesterday’s late recovery in mortgage-backed securities.  This morning, the European Central Bank (ECB) announced future plans to reduce its bond purchase program, but extended the timeframe for purchases by nine months, causing little net reaction.  In the U.S., weekly Jobless Claims rose to 233,000, very close to forecast.  September Pending Home Sales […]

Rates moved higher Wednesday as the global trend toward higher bond yields continued.  In economic news, Durable Goods Orders rose 2.2%, well above the consensus forecast of 1.0%.  New Home Sales jumped 18.9% in September, easily beating estimates for a slight decline.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.  Tomorrow, […]

Rates inched higher Tuesday as a rally in stocks hurt bonds and mortgage-backed securities.  Investors are focused on Thursday’s European Central Bank (ECB) meeting where the ECB is expected to announce its future plans for its bond purchase program.  No key economic data will be released today.

Mortgage rates were little changed Monday in quiet trading.  No key economic data will be released today.