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Wednesday, May 10, 2017

Thursday: Unemployment Claims, PPI

by Calculated Risk on 5/10/2017 07:44:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Moved Higher This Afternoon

Mortgage rates were steady to slightly higher again today, making it the 13th out of the past 16 business days without an improvement.  The situation was more palatable earlier this morning and quite a few lenders were actually in better territory vs yesterday.  As the day progressed, bond markets (which dictate mortgage rates) deteriorated, resulting in most lenders issuing negative reprices.
 Most borrowers won't see a meaningful difference between today's quotes and yesterday's.  Lenders continue operating near a conventional 30yr fixed rate of 4.125% on top tier scenarios, although it's worth noting that the general trend is toward higher rates at the moment.
emphasis added
• At 8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for 244 thousand initial claims, up from 238 thousand the previous week.

• Also at 8:30 AM, The Producer Price Index for April from the BLS. The consensus is for 0.2% increase in PPI, and a 0.2% increase in core PPI.