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

Market Commentary

Last week saw mortgages and equities rally as mid-week Federal Reserve Chairman, Jerome Powell, said the Fed’s benchmark interest rate was “just below” the neutral level. Only last month, Mr. Powell had said it was “a long way” from neutral, leaving investors worried that the rate increases would crimp growth.

All U.S. financial markets will be closed this Wednesday due to the death of President George H. W. Bush. President Trump declared Wednesday December 5th a Day of National Mourning. Over the weekend, the US and China came to a truce over trade with both sides indicating that they will not raise tariffs in January. Additionally, China has stated that it will be buying a lot more from the US, particularly agricultural products. The truce will pave the way for 90 days of negotiations that will hopefully hammer out definitive numbers and an "agreement" that both sides will adhere to.  

Economic Calendar for the week of 12/03/2018 to 12/07/2018:

Monday: Markit US Manufacturing PMI, Construction Spending MoM, ISM Manufacturing, ISM Employment, ISM Prices Paid and Wards Total Vehicle Sales
Tuesday: N/A
Wednesday: MBA Mortgage Applications, ADP Employment Change, Nonfarm Productivity, Markit US PMI and U.S. Federal Reserve Releases Beige Book
Thursday: Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort Index, Factory Orders and Durable Goods Orders
Friday: Change in Nonfarm Payrolls, Unemployment Rate, Average Hourly Earnings, Labor Force Participation Rate, Wholesale Inventories and Consumer Credit

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