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Monday, May 11, 2020

Tuesday: CPI

by Calculated Risk on 5/11/2020 08:05:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Start Strong But End Day Higher

Mortgage rates began the day slightly lower compared to last Friday, but that didn't last long. Underlying bond markets were under pressure from the outset. When bond prices fall, rates move higher, all other things being equal.

The bond market has a few concerns at the moment--many of them "relative." In fact, it's hard to complain too much about mortgage rates "moving higher" when this afternoon's final destination was still in the low 3% range for top tier 30yr fixed rate quotes. [30YR FIXED 3.20%]
emphasis added
• At 6:00 AM ET, NFIB Small Business Optimism Index for April.

• At 8:30 AM, The Consumer Price Index for April from the BLS. The consensus is for 0.7% decrease in CPI, and a 0.2% decrease in core CPI.