Rates inched lower Wednesday as global bond markets rallied.  In the U.S., payrolls firm ADP estimated private sector job growth of 190,000 in November, slightly above forecast.  Third quarter Productivity was unchanged at 3.0%.  An increase to 3.2% had been expected.  Stocks were mixed.  No other key data will be released today.

Rates faced upward pressure Monday as a rally in stocks hurt bonds and mortgage-backed securities.  Late Friday, the Senate passed its version of the GOP tax bill, resulting in a surge in stock prices.  The Dow is currently up nearly 300 points.  In economic news, October Factory Orders fell 0.1%, a bit less than expected.  […]

Rates were little changed Friday in quiet trading.  This morning, the Institute for Supply Management manufacturing index fell to 58.2, close to forecast.  Readings above 50.0 indicate expansion in the manufacturing sector.  October Construction Spending jumped 1.4%, beating expectations for a 0.5% increase.  No other key data will be released today.  The Senate may vote […]

Rates moved higher Thursday as a rally in stocks hurt mortgage-backed securities.  In economic news, the October core PCE price index, one of the Fed’s preferred measures of inflation, rose 0.2% and was 1.4% higher than one year ago.  Personal Income increased 0.4% in October, slightly above expectations.  Weekly Jobless Claims came in at 238,000, […]

Mortgage rates inched lower Tuesday in quiet trading.  Jerome Powell, President Trump’s pick to replace Janet Yellen as Fed Chair, will face a Senate confirmation hearing today.  Powell, who is expected to be confirmed, is considered likely to maintain continuity with current Fed monetary policy.  In other news, Consumer Confidence jumped to 129.5, well above […]

Rates inched lower Wednesday as newly released economic data came in close to expectations.  October Durable Goods Orders fell 1.2%, well below the consensus for an increase of 0.5%.  However, excluding the volatile transportation component, orders rose 0.4%, slightly more than expected.  Weekly Jobless Claims fell to 239,000, matching forecast.  Consumer Sentiment rose to 98.5.  A […]

Rates were little changed Friday as mortgage-backed securities recovered from yesterday’s late losses.  In economic news, October Housing Starts rose 14% to an annual rate of 1.29 million units, above the consensus forecast of 1.20 million, to the highest level since October 2016.  No other key data will be released today.

Rates inched lower Wednesday as weakness in global stocks boosted mortgage-backed securities.  Newly released economic data was mixed.  October Retail Sales rose 0.2%, above the consensus forecast for an increase of 0.1%.  However, excluding the volatile auto component, Retail Sales rose 0.1%, below forecast.  The results for September were revised higher.  The Consumer Price Index […]

Rates were little changed Tuesday despite the release of stronger than expected inflation data.  This morning, the October Producer Price Index (PPI) rose 0.4%, above the consensus for an increase of 0.1%.  Core PPI, which excludes volatile food and energy components, also rose 0.4% and was 2.4% higher year-over-year.  Investors largely shrugged off the data, […]

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