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MARKET COMMENTARY

A weekly look at where mortgage interest rates are headed. A weekly Economic Calendar is also included.

Mar 20, 2017

Mortgage rates improved last week after a less hawkish than expected statement from the FOMC showed that bond markets were oversold heading into the meeting.  Market participants quickly reversed positions after the statement revealed that FOMC members had not changed their forecast for future rate increases, surprising many Fed observers who had taken recent hawkish statements from several FOMC members as a sign that rate increases could accelerate.  Prior to the statement, Fed Funds futures were trading at a 46% chance of an additional 2 changes this year, versus a 34% chance post statement.

The week ahead will have very little in the way of Economic releases for markets to focus on, with Existing Home Sales and New Home Sales being two potential market movers this week.  There will be several Fed Speakers this week, starting today with Evans giving a speech on the Economy and Policy in New York.  Other Fed speakers of note this week will be Yellen speaking at a community development conference on Thursday, with Kaplan also speaking on the economy in Chicago on Thursday.  Bullard will also speak to the Economic Club of Memphis on Friday.  There will be an 11 Bln 10 year TIPS auction on Thursday.

Economic Calendar for the week of 03/20/2017 to 03/24/2017:

Monday: Chicago Fed National Activity Index

Tuesday: Current Account Balance

Wednesday: MBA Mortgage Applications, FHFA House Price Index, Existing Home Sales

Thursday: Initial Jobless Claims, Continuing Claims, New Home Sales

Friday: Durable Goods Orders

Past Commentaries

Mar 20, 2017

Mortgage rates improved last week after a less hawkish than expected statement from the FOMC...
Full Story

Mar 13, 2017

Mortgages generally sold off last week...
Full Story

Mar 06, 2017

Mortgages rates increased last week as a number of Fed speakers...
Full Story

Feb 27, 2017

Last week was one of the instances where equities and bonds moved in tandem, rather than in opposite directions...
Full Story

Feb 21, 2017

Last week, mortgage rates finished very close to where they started...
Full Story

Feb 13, 2017

Last week was a rather quiet week in terms of economic data and news...
Full Story

Feb 06, 2017

Mortgage rates improved slightly last week with Friday’s Non-Farm payrolls report showing weaker than expected wage gains...
Full Story
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