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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

Last Monday, as a reaction to the US tariffs on Chinese goods enacted the previous Friday, China retaliated with tariffs of their own on US goods. As a result, we came down in rate last week largely in part to the rally in the 10yr on Monday, bringing the yield down from 2.47 to 2.41, where it ended on Friday. As money poured into treasuries, equities suffered a blow with the DOW selling off over 600pts. However, as a possible overreaction, the Dow bounced back and closed the week down just less than a percent.

This week is light regarding scheduled economic releases. Chicago Fed Nat Activity came out this morning with an underwhelming read. Tomorrow will bring Existing Home Sales followed up on Wednesday by MBA Mortgage Apps and the Fed Minutes. Thursday is the busiest day of the week as we will get New Home Sales, Markit PMI, and KC Fed Manf. Activity in addition to the weekly job’s numbers and Bloomberg Consumer Comfort Index. Finally, we’ll wrap up the week on Friday with Durable Goods Orders, and Cap Goods Orders.  

 Economic Calendar for the week of 05/20/2019 to 05/24/2019:

Monday: Chicago Fed Nat Activity Index
Tuesday: Existing Home Sales, Existing Home Sales MoM
Wednesday: MBA Mortgage Applications, Fed Minutes
Thursday: Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort Index, New Home Sales, Markit PMI, KC Fed Manf. Activity
Friday: Durable Goods Orders, Durables Ex Transportation, Cap Goods Orders

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