Rates held steady Thursday ahead of tomorrow’s key employment data for August.  This morning, the July core PCE price index, one of the Fed’s preferred measures of inflation, rose 0.1%, matching forecast, and was 1.4% higher year-over-year.  The Fed’s target rate for inflation is 2.0%.  July Personal Income rose 0.4%, slightly above expectations.  The National Association […]

Mortgage rates inched higher following the release of stronger than expected economic data.  This morning, payrolls firm ADP estimated August private sector job gains of 237,000, well above the consensus forecast of 185,000.  Separately, second quarter GDP was revised higher to 3.0% from 2.6%, the strongest economic growth since the first quarter of 2015.  No other […]

Rates inched lower Tuesday as increased tension with North Korea boosted bonds and mortgage-backed securities.  In a provocative move, North Korea launched a mid-range ballistic missile designed to carry a nuclear warhead that flew over northern Japan and landed in the Pacific Ocean.  Global stocks declined sharply on the news.  In the U.S., Consumer Confidence rose unexpectedly […]

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

Rates held steady Friday ahead of key speeches by Fed Chair Janet Yellen and ECB President Mario Draghi at the annual meeting of central bankers in Jackson Hole, Wyoming.  Yellen will be speaking at 10:00 AM and Draghi at 3:00 PM et.  In economic news, July Durable Goods Orders fell 6.8%, a bit below expectations.  […]

Rates were little changed Thursday following the release of weaker than expected real estate sales data.  This morning, the National Association of Realtors reported July Existing Home Sales fell 1.3% to 5.44 million annual units, the lowest level of the year, well below the consensus forecast for an increase of 0.9%.  Historically tight inventory of homes […]

Mortgage rates held steady Wednesday in quiet trading.  In economic news, July New Home Sales fell 9.4% to 571,000 annual units, well below expectations, to a 7-month low.  The sharp decline was partially offset by upward revisions to May and June sales, and investors showed little overall reaction to the news.  No other key data […]

Rates inched higher as a rally in stocks hurt mortgage-backed securities.  No key economic data will be released today.

Rates held steady Monday in quiet trading.  No key economic data will be released today.

Rates inched lower Friday following yesterday’s terror attacks in Spain and increased uncertainty about the Trump Administration’s ability to implement policy changes.  Since most of the proposed policy changes were expected to boost economic growth, stocks moved sharply lower, boosting mortgage-backed securities.  In today’s economic news, Consumer Sentiment jumped to 97.6, beating expectations.  No other […]