Monday, December 04, 2017

Tuesday: Trade Deficit, ISM non-Mfg Index

by Bill McBride on 12/04/2017 06:52:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Steady to Higher, Depending on Lender

Mortgage rates were distinctly mixed today, with some lenders clearly moving higher while others were effectively unchanged [30YR FIXED - 4.0%]. The deciding factor is both simple and obvious. It has to do with Friday's wild action in the bond market ... That market movement resulted in a handful of lenders reissuing lower rates on Friday afternoon. Those lenders had to move rates back up today because underlying bond markets weren't able to maintain the improvements that resulted in the better rate sheets. Lenders who didn't adjust rates on Friday ended up being in fairly ideal territory for today's bond trading range and thus didn't need to make noticeable adjustments.
Tuesday:
• At 8:30 AM ET, Trade Balance report for October from the Census Bureau. The consensus is for the U.S. trade deficit to be at $47.1 billion in October from $43.5 billion in September.

• At 10:00 AM, the ISM non-Manufacturing Index for November. The consensus is for index to decrease to 59.0 from 60.1 in October.

• At 10:00 AM, Corelogic House Price index for October.