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MARKET COMMENTARY

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

Market Commentary

The US 10yr closed last week at 3.19, rallying 3 basis points from the week prior. The Fed Minutes last Wednesday provided little to move markets, as traders looked for any indications of hawkish sentiment. After the President’s comments questioning the pace of monetary tightening, there was some interest in whether the Fed would remain apolitical, or if they’d appear to lend an ear to the talking heads in the White House. The former was verified.

This week, there’s not much data in terms of big market movers. We’ve got several auctions throughout the week, including a 2yr, 5yr, and 7yr treasury auction; New Home sales on Wednesday; Durable Goods, Jobless Claims, and Pending Home Sales on Thursday; GDP Advance and University of Michigan Consumer Sentiment Survey for the month of October, to wrap up the week on Friday.

Economic Calendar for the week of 10/22/2018 to 10/26/2018:
Monday: Chicago Fed National Activity
Tuesday: 38mm 2yr Treasury Auction
Wednesday: Weekly MBA Mortgage Index, August FHFA Housing Price Index, September New Home Sales, and the September Beige Book
Thursday: September Durable Orders, Durable Orders -ex transportation, Weekly Initial Claims, September Advance International Trade in Goods, September Advance Retail Inventories, September Advance Wholesale Inventories, September Pending Home Sales
Friday: Advance Q3 GDP and the Q3 GDP Deflator, and Final October Michigan Consumer Sentiment Survey.
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