by Calculated Risk on 7/05/2017 07:21:00 PM
Wednesday, July 05, 2017
From Matthew Graham at Mortgage News Daily: Mortgage Rates Finally Catch a Break
Mortgage rates had been rising at an uncomfortable pace since June 27th. As of Monday, the average conventional 30yr fixed rate quote was 0.125% higher in 5 business days. That's a fairly abrupt move--especially when compared with almost any other 5-day stretch. In any event, it was the biggest 5-day move seen since the Presidential election.Thursday:
Today was the first day that bond markets (which dictate rates) were able to fight back. [top tier scenarios 30YR FIXED - 4.125%]
• At 7:00 AM, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• At 8:15 AM, The ADP Employment Report for June. This report is for private payrolls only (no government). The consensus is for 178,000 payroll jobs added in June, down from 253,000 added in May.
• At 8:30 AM, The initial weekly unemployment claims report will be released. The consensus is for 244 thousand initial claims, unchanged from 244 thousand the previous week.
• Also at 8:30 AM, Trade Balance report for May from the Census Bureau. The consensus is for the U.S. trade deficit to be at $46.2 billion in May from $47.6 billion in April.
• At 10:00 AM, the ISM non-Manufacturing Index for June. The consensus is for index to decrease to 56.5 from 56.9 in May.
Posted by Calculated Risk on 7/05/2017 07:21:00 PM