It's been a long time since anyone could say that top tier conventional conforming 30yr fixed mortgage rates were at 4%. Indeed, even last Monday, the thought of 4% rates would border on preposterous. But what a difference a week makes! Over the past 3 days, rates have moved higher at a pace that's only matched by the worst 3 consecutive days of the mid 2013 taper tantrum.Tuesday:
• At 8:30 AM ET, Retail sales for October will be released. The consensus is for 0.6% increase in retail sales in October.
• Also at 8:30 AM, The New York Fed Empire State manufacturing survey for November. The consensus is for a reading of -2.3, up from -6.8.
• At 10:00 AM, Manufacturing and Trade: Inventories and Sales (business inventories) report for September. The consensus is for a 0.2% increase in inventories.