Tuesday, September 08, 2015

Wednesday: Job Openings

by Bill McBride on 9/08/2015 08:01:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Indecisively Higher

Mortgage rates moved back up into their recent indecisive range today, foiling a halfhearted attempt to move lower late last week. Much of the indecision is assumed to be due to the Fed's upcoming meeting. Many market participants think the Fed will hike rates for the first time since the Financial Crisis, though just as many think they'll hold off until December at the earliest. Mortgage rates are not directly dictated by the Fed's policy rate, but they tend to move higher during periods where the Fed is raising rates.
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Most consumers will continue to see the same contract interest rates they've been seeing, and the adjustments will instead be seen in the form of slightly higher or lower closing costs. Most lenders continue to quote conventional 30yr fixed rates of 4.0% on top tier scenarios.
Wednesday:
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 10:00 AM, the Job Openings and Labor Turnover Survey for July from the BLS. Jobs openings decreased in June to 5.249 million from 5.357 million in May. The number of job openings were up 11% year-over-year, and Quits were up 1% year-over-year.

• Also at 10:00 AM, the Q2 Quarterly Services Report from the Census Bureau.