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MARKET COMMENTARY

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

Jun 19, 2017

Mortgage rates fell slightly last week with no surprise from the Fed as they raised rates 25 basis points.  Mortgages rates fell substantially going into the FOMC meeting, and pulled back some with the announcement.  It wasn’t the decision to raise rates which caused rates to pull back, but rather some of the information we gained on how the Fed will implement “reinvestment tapering” to shrink the balance sheet.  The pace looks like it will be a bit more rapid than most observers anticipated.

The week ahead is extremely light in terms of economic data, with no data to note on Monday or Tuesday.  The week finally picks up a bit on Thursday with initial jobless claims.  The biggest items of the week may come from Fed speakers and overseas.  Fed speakers scheduled over the week including Dudley (Monday), Evans, Fischer, Rosengren and Kaplan (Tuesday), Powell (Thursday) and Mester, Bullard and Powell (Friday).  Overseas, Monday the UK sees Brexit negotiations officially begin and Wednesday officially marks the state opening of the new parliamentary session in the UK. EU leaders are also due to gather for a 2-day meeting beginning Thursday to discuss the relocation of European agencies after Brexit.

Economic Calendar for the week of 06/19/2017 to 06/23/2017:

Monday:

Tuesday: Current Account Balance

Wednesday: MBA Mortgage Applications and Existing Home Sale

Thursday: Initial Jobless Claims, Continuing Claims, FHFA House Price Index, Bloomberg Consumer Comfort Index, and Leading Index

Friday: Markit US Composite PMI and New Home Sales

Past Commentaries

Jun 19, 2017

Mortgage rates fell slightly last week with no surprise from the Fed...
Full Story

Jun 12, 2017

Mortgage rates finished last week slightly worse...
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Jun 05, 2017

Mortgage rates fell at the end of last week after a surprisingly low Nonfarm Payrolls number...
Full Story

May 30, 2017

Mortgage rates remained relatively flat last week, with Wednesday’s release of the FOMC minutes...
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May 22, 2017

Mortgage rates fell last week as political fallout in Washington...
Full Story

May 15, 2017

Mortgage rates improved last week after lower than expected Retail Sales and CPI...
Full Story

May 08, 2017

Mortgage rates rose slightly last week as mortgages received pressure from equities showing...
Full Story
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