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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

Mortgage yields fell last week as equities suffered setbacks. Even with equities selling off, the US 10yr ended the week a good deal above 3.00%, finishing at 3.069%.

This week will be a shorted week in the bond and mortgage markets. It should be relatively quiet for US dataflow ahead of Thursday’s Thanksgiving holiday. Housing market indicators include November’s NAHB housing index (Monday), October’s housing starts (Tuesday), and existing home sales figures (Wednesday). Wednesday will also bring preliminary durable goods orders data for October, along with the Conference Board’s Leading index for the same month, and the revised University of Michigan’s consumer sentiment survey for November. Supply-wise, the US Treasury will sell 10Y TIPS on Wednesday.

Economic Calendar for the week of 11/19/2018 to 11/23/2018:
Monday: NAHB Housing Market Index
Tuesday: Housing Starts and Building Permits
Wednesday: MBA Mortgage Applications, Durable Goods Orders, Capital Goods Orders, Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort Index, Leading Index, Existing Home Sales and University of Michigan Sentiment
Thursday: N/A
Friday: Markit US Manufacturing PMI and Markit US Services PMI
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