Mortgage rates moved higher Friday as the Senate voted in favor of a budget plan which increases the likelihood of tax reform.  If enacted as proposed, tax reform is expected to raise the federal deficit and boost economic growth, both of which could lead to increased inflation.  Stocks moved sharply higher, further pressuring mortgage-backed securities.  In economic news, the […]

Rates inched higher Wednesday as a rally in stocks hurt mortgage-backed securities.  This morning, September Housing Starts declined 5% to an annual rate of 1,127,000 units, well below the consensus forecast of 1,160,000.  Much of the shortfall was due to weakness in the south, which would suggest it was hurricane-related.  The Fed’s Beige Book, a […]

Rates were little changed Tuesday in quiet trading.  In economic news, September Industrial Production rose 0.3%, close to expectations.  Import Prices jumped 0.7% last month, above the consensus forecast of 0.5%.  The National Association of Home Builders housing confidence index increased unexpectedly to 68 from 64, the highest reading in six months.  Readings above 50 […]

Rates inched higher Monday following the release of stronger than expected economic data.  This morning, the Empire State Index jumped to 30.2, well above the consensus forecast for a decline to 20.0.  Readings above zero indicate expansion in manufacturing in the New York region.  Stocks moved higher.  No other key data will be released today.

Rates moved higher Friday following the release of the September Employment Report.  The economy lost 33,000 jobs last month, well below the consensus forecast for an increase of 100,000, however job losses were mainly in the areas most affected by the hurricanes.  The unemployment rate fell to 4.2%, the lowest level since February 2001.  According […]

Mortgage rates were little changed ahead of tomorrow’s key Employment Report.  In today’s economic news, weekly Jobless Claims fell to 260,000, close to forecast.  September Factory Orders rose 1.2%, in line with expectations.  San Francisco Fed President John Williams said in a speech at a community banking conference that he expects economic growth and a tight […]

Mortgage rates held steady Wednesday following the release of mixed economic data.  This morning, payrolls firm ADP estimated September private sector job growth of 135,000, below the consensus forecast of 164,000.  Separately, the Institute for Supply Management services index jumped to 59.8, well above expectations.  Readings above 50.0 indicate expansion in the services sector of […]

Mortgage rates were little changed Monday despite the release of stronger than expected economic data.  This morning, the Institute for Supply Management manufacturing index rose to 60.8, above the consensus forecast of 58.0.  Separately, August Construction Spending increased 0.5%, beating estimates, however July spending was revised lower.  No other key data will be released today.

Mortgage rates held steady Friday following the release of mixed economic data.  This morning, the August Core PCE price index, one of the Fed’s preferred measures of inflation, rose 0.1%, below the consensus forecast of 0.2%, and was 1.3% higher year-over-year.  Separately, the Chicago Purchasing Managers Index jumped to 65.2, well above expectations.  Readings above […]

Rates were little changed Thursday as newly released economic data came in close to expectations.  This morning, weekly Jobless Claims rose to 272,000, in line with estimates.  Second quarter Gross Domestic Product (GDP) was revised higher to 3.1% annual growth, slightly above forecast.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.