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MARKET COMMENTARY

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

Mar 18, 2019

Yields dropped last week as the 10 year TSY finished down 5bps week over week, resulting in a general increase in mortgage prices by an eighth of a point. Equities rallied slightly with the headline DJI up 1.6% week over week.

Data this week is not particularly heavy with NAHB Housing Market Index being the only bit of relevant news this Monday morning. We have factory orders, durable goods orders and cap goods orders Tuesday before the more exciting event from the Fed kicks off on Wednesday. With essentially zero probability of the target interest rate being adjusted, traders will be more interested in the comments surrounding the decision. There is significant doubt for any movement of that target rate for the rest of the year. However, there’s always potential for that outlook to change based on the language used to describe the domestic and global economic/political landscape. Thursday will entail further digestion of that language as well as reads on some jobs numbers, consumer comfort, and the Leading Index. We’ll wrap up the week with Markit PMI numbers, Wholesale Inventories, Existing Home Sales and the Monthly Budget Statement.

Economic Calendar for the week of 03/18/2019 to 03/22/2019:

Monday: NAHB Housing Market Index
Tuesday: Factory Orders, Durable Goods Orders, Cap Goods Orders
Wednesday: MBA Mortgage Apps, FOMC Rate Decision
Thursday: Philadelphia Fed Business Outlook, Initial Jobless Claims, Continuing Claims, BBG Consumer Comfort, Leading Index
Friday: Markit US Manufacturing/Services/Composite PMI, Wholesale Inventories MoM, Existing home Sales, Monthly Budget Statement

Past Commentaries

Mar 18, 2019

Yields dropped last week as the 10 year TSY finished down 5bps week over week, resulting in a general...
Full Story

Mar 11, 2019

Last week saw a slow but steady drop in mortgage rates as the yield U.S. 10yr Treasuries fell almost...
Full Story

Mar 04, 2019

Last week started off with mortgage rates decreasing but reversed course quickly on...
Full Story

Feb 25, 2019

Last week was a relatively quiet week in terms of mortgages...
Full Story

Feb 19, 2019

Last Thursday we were finally gifted December’s retail sales data after the delayed release due to the government shutdown...
Full Story

Feb 11, 2019

Mortgages closed last week, under-performing Treasuries. The US 10 yr finished at 2.63, as interest rates...
Full Story

Feb 04, 2019

Last week mortgages rallied throughout most of the week with mortgages experiencing...
Full Story
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