by Bill McBride on 1/25/2017 04:51:00 PM
Wednesday, January 25, 2017
From Matthew Graham at Mortgage News Daily: Mortgage Rates Resume Big-Picture Uptrend
Mortgage rates moved higher for the 5th time in the past 6 business days. The past 2 days have combined to bring rates a full .125% higher. That's the increment by which rates are most commonly divided (i.e. 4.0, 4.125%, 4.25%, etc.). ... The average lender is once-again quoting 4.25% on top tier conventional 30yr fixed scenarios. This isn't the first time we've seen 4.25% this year, but closing costs are slightly higher today. That means effective rates are at 2017 highs. Several lenders are already up to 4.375% and a scant few remain at 4.125%.Thursday:
• At 8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for 247 thousand initial claims, up from 234 thousand the previous week.
• Also at 8:30 AM, Chicago Fed National Activity Index for December. This is a composite index of other data.
• At 10:00 AM, New Home Sales for December from the Census Bureau. The consensus is for a decrease in sales to 590 thousand Seasonally Adjusted Annual Rate (SAAR) in December from 592 thousand in November.
• At 11:00 AM, the Kansas City Fed manufacturing survey for January.
Posted by Bill McBride on 1/25/2017 04:51:00 PM