Tuesday, June 28, 2016

Wednesday: Personal Income and Outlays, Pending Home Sales

by Bill McBride on 6/28/2016 08:21:00 PM

NOTE: Fed Chair Yellen was scheduled to participate in a "Policy Panel" at the ECB Forum on Central Banking in Portugal on Wednesday. She has cancelled.  Mark Carney, Governor of the Bank of England and Chairman of the G20's Financial Stability Board, has also cancelled.

Wednesday:
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:30 AM, Personal Income and Outlays for May. The consensus is for a 0.3% increase in personal income, and for a 0.4% increase in personal spending. And for the Core PCE price index to increase 0.2%.

• At 10:00 AM, Pending Home Sales Index for May. The consensus is for a 1.0% decrease in the index.

From Matthew Graham at Mortgage News Daily: Mortgage Rates Lower Despite Bond Market Weakness

Mortgage rates fell modestly today despite some weakness in underlying bond markets. Typically, when bond yields (which move inversely with bond prices) are rising, mortgage rates tend to be higher as well. That wasn't the case today for a few reasons. The most obvious reason is that bond markets didn't move that much. [30 year fixed mortgage rates are between 3 3/8% and 3 1/2% on best scenarios]
emphasis added
Here is a table from Mortgage News Daily: