Monday, August 31, 2020

Tuesday: ISM Mfg, Construction Spending, Vehicle Sales

by Calculated Risk on 8/31/2020 08:37:00 PM

From Matthew Graham at Mortgage News Daily: Lowest Mortgage Rates in 3 Weeks

Mortgage rates improved nicely today with the average lender more convincingly back under the 3.0% threshold for conventional 30yr fixed scenarios. In general, that refers to 740+ credit and 20% equity/down-payment on an owner-occupied single family home with a loan amount at or under the conforming loan limit. Stray very far from that path and rates can increase rather quickly. [Top Tier Scenarios 30YR FIXED: 2.88%]
emphasis added
Tuesday:
• At 10:00 AM, ISM Manufacturing Index for August. The consensus is for the ISM to be at 54.5, up from 54.2 in July.

• Also at 10:00 AM, Construction Spending for July. The consensus is for a 1.0% increase in construction spending.

• Also at 10:00 AM, The BLS is scheduled to release Labor Force projections through 2029.

• All day, Light vehicle sales for August. The consensus is for light vehicle sales to be 15.2 million SAAR in August, up from 14.5 million in July (Seasonally Adjusted Annual Rate).