MORTGAGE BLOG

Market Update: Builders Are Feeling Confident About the Housing Market

Blog posted On March 18, 2024

Mortgage rates trended higher last week thanks to a hotter-than-expected inflation report. But it’s a new week! And so far, we’re off to a strong start for housing news. This morning, the National Association of Home Builders (NAHB) released its housing market sentiment index for the month of March. It showed that builders think the housing market is in a much better place than it was this time last year.

Market Update: Rates Ended Last Week Trending Lower but Upcoming Jobs Reports Could Change Things

Blog posted On March 04, 2024

Rates trended higher throughout much of last week, but Friday’s economic data helped bring some relief. This week’s jobs reports have a strong influence on rate trends. Let’s take a look at what the week could hold.

Market Update: Home Prices Reach All-Time High in December; Will They Continue Climbing?

Blog posted On February 27, 2024

Mortgage rate trends have been relatively unchanged over the past week. Home price appreciation, on the other hand, has changed quite a bit over the past four years. According to Case-Shiller home price data released this morning, prices have surged 46% since 2019. They reached a new all-time high in December after climbed 0.2% month-over-month. This puts buyers in an increasingly difficult position, wedged between higher-trending interest rates and soaring home prices. Read more about what the experts are saying.

Market Update: Hopes of a May Rate Cut Dwindle After Hot Inflation News

Blog posted On February 13, 2024

January’s consumer price index came in hotter than expected this morning, causing stocks and mortgage bonds drop. Mortgage rates have the inverse reaction of mortgage bonds, so it’s likely that rates will trend higher. Looking long-term, experts are speculating that this higher inflation report could impact the possibility of a rate cut in May.

Market Update: Strong Jobs Reports Push Rates Higher – but Not THAT High

Blog posted On February 06, 2024

There are a lot of headlines floating around about rate momentum towards the end of last week. Here’s what most of them sound like: last week’s employment situation crushed rates’ downward momentum. When you say it like that (which most of the media is), it sounds bad. But if you look at the bigger trend, it’s not that bad. It’s not bad for two reasons.

Market Update: Rates Inch Higher but the Market Finds Silver Linings

Blog posted On January 23, 2024

Rates trended higher last week, thanks to some comments from Fed members and stronger economic reports. Retail sales came in hot in December, which suggests higher consumer spending, pushes inflation higher, and generally makes rates trend higher. Additionally, Fed member Waller made comments that had a negative impact on the bond market and rates. Despite a week of mostly bad news, there were still some silver linings.

Market Update: Inflation Data Proves Lower-Trending Rates Are Here to Stay

Blog posted On January 16, 2024

Two sets of data have had one strong hold on rate movement over the past few years: jobs data and inflation trends. The higher the inflation or jobs numbers, the higher the rate trends. Last week was different. Though inflation numbers on the consumer price index came in above expectations, rates trended lower. This is big news for a couple of reasons.

Market Update: Rates Slid Downward Last Week but the Trend Could be Reversed with This Week’s Reports

Blog posted On December 05, 2023

Rates tumbled down to the lowest levels in three months last week, giving hopeful buyers and owners much needed relief. The underlying cause was movement in the bond market, which influences rate trends. Right now, the market is walking on eggshells. Last week’s progress could easily be reversed by the results from this week’s economic reports – mainly the jobs reports. However, if the jobs reports come in weaker than expected, they could help push rates even lower.

Market Update: Rates Slide to 2-Month Lows and Home Price Appreciation Grows

Blog posted On November 28, 2023

Last week, average rates officially brushed two-month lows. Though they climbed slightly higher on Friday, they recovered lost ground yesterday. Also released yesterday was the new home sales report for October, which showed a slowdown but had some hopeful hints as well. This morning, the Case-Shiller home price index revealed that home prices are still climbing.

Market Update: Rates Inch Higher; Big Inflation Data Coming Up This Week

Blog posted On November 13, 2023

Mortgage rates inched slightly higher last week, which is to be expected after the large downward swing we saw a couple of weeks ago. This week could shake things up with the consumer price index (CPI) inflation data from October.

Market Update: Calm Seas for Rates Last Week Set the Stage for Big Wave Potential this Week

Blog posted On October 31, 2023

Last week, rates trended downward slightly, but as we know, this won’t be a lasting trend until economic data can show significant signs of cooling. This week, there are plenty of big reports on the horizon.

Market Update: Glimmers of Hope Exist as Rates Climb Higher, but How High Will They Go?

Blog posted On October 23, 2023

We’ll start with the bad news: rates continued to climb last week and reached the highest levels in 23 years. It didn’t take much for them to get there since they were already flirting with the line. Nonetheless, it leaves many wondering how much higher rates will climb. We’ll get to that, but we’ll also talk about the silver linings and good news.

Market Update: Rates Bounce Higher After a Week of Progress; Fed Members Debating a Pause in Hikes

Blog posted On October 17, 2023

Mortgage rates made good downward progress last week. This week is a different story. Yesterday, rates jumped back to higher levels for no specific reason from any economic reports. However, there might be hope on the horizon. Several Federal Open Market Committee (FOMC) members have been vocal about their belief in a rate hike pause.

Market Update: Bond Market Strength Pushes Rates Lower After a Week of Jumps

Blog posted On October 10, 2023

Last week, rates trended higher after various employment reports exceeded jobs growth expectations. Strong jobs market = strong economy = weaker bond market = higher rates. However, the events over the weekend have reversed the trend.

Market Update: Rates Climb and Bounce; Could See More Movement This Week with Jobs Data Releases

Blog posted On October 02, 2023

Last week, mortgage rates initially trended higher due to weakness in the underlying bond market. However, when we see a notable upward trend in rates, we can normally expect a ‘bounce’ lower at some point. This is exactly what we saw on Thursday and Friday. While the drop didn’t take rates lower than they were a couple of weeks ago, it did help them recover the ground they lost throughout last week. What will it take for them to continue dropping lower?

Market Update: Fed Sees Rates Higher for Longer; New & Pending Home Sales Coming Up This Week with Inflation Data

Blog posted On September 26, 2023

Last week was the Fed’s highly anticipated September meeting. While the Committee did not raise the benchmark interest rate, it did release an updated summary of economic projections for 2024. Among these projections was an updated dot plot marking where each Fed member thinks the benchmark rate will be at the end of next year. Compared to the Committee’s previous projections, September’s dot plot revelated that most members expect rates will be higher for longer. Their reasoning? Recent economic data showing that the economy is strong. All other things being equal, a strong economy tends to mean a weaker bond market and higher rates.

Market Update: Inflation Shows Mixed Signals; Fed Interest Rate Decision Coming Up This Week

Blog posted On September 18, 2023

Mortgage rates trended slightly higher last week, but not for reasons you might expect. As we know, hotter inflation and stronger economic data generally lead to higher rates. But last week, rates had near opposite reactions. Inflation data was hotter than expected. However, rates inched lower. The next day, retail sales were much higher than expected, which typically would have sent rates much higher as well. But rates only had slightly higher movement. Why? Read the full explanation, plus big rate movement factors coming up this week, below.

Market Recap: Hints of Inflation Drive Rates Higher; This Week’s Inflation Report Could Change Things

Blog posted On September 11, 2023

The brief relief from two weeks ago (when rates were trending lower) proved to be short lived. Last week reversed the trend for seemingly no reason. When taking a closer look, some underlying causes come to light. One was the corporate bond market. The other was the ISM Non-Manufacturing PMI (purchasing managers index). If this sounds like a different language, we’ll explain.

Market Update: Rates Drop Toward 3-Week Lows, but Will the Trend Continue?

Blog posted On September 04, 2023

As promised, last week’s economic data shook some things up for rates. Two weeks ago, average rates were trending near a decades-long high. Thankfully they found some relief from the GDP and jobs data last week and fell toward the lowest level in nearly a month. Now the big question is: will this trend continue?

Market Update: Jobs Data Coming Up this Week Means Big Potential for Rate Movement

Blog posted On August 28, 2023

August has been quite the month for mortgage rates. Though we saw a decent recovery earlier in the month, rates have since climbed to the highest level in over two decades. That being said, they’re actually not that much higher than they were last October. And they could trend lower this week if the data from all the jobs reports is on our side. Remember that ‘decent recovery earlier in the month’? That happened after the previous bout of jobs data was released. So cross your fingers for weak jobs data and you might see more buyer-friendly rates by the end of the week.

Market Update: Rates Rise Once Again; Big Housing News Coming Up This Week

Blog posted On August 21, 2023

Mortgage rates inched past 20-year highs last week, leaving many people scratching their heads. Isn’t inflation supposed to be the big factor driving rates? And if inflation is calming down, why are rates rising? Both good questions that we’ll dive into below.

Market Update: Rates Surprisingly Inch Higher Despite Friendly Inflation News; What’s the Deal?

Blog posted On August 14, 2023

Last week, rates trended higher despite some friendly inflation news from the consumer price index (CPI). Though it’s not always the case, higher inflation levels have correlated to higher rates over the past year. But there was some hopeful news for rates and housing last week as well. Let’s break it down.

Market Update: Rates Recover in Response to Jobs Data; Big Inflation Report Scheduled for This Week

Blog posted On August 08, 2023

Mortgage rates fluctuated throughout last week. While they initially trended higher after Wednesday’s ADP employment change report, they reversed the trend after Friday’s weaker-than-expected employment situation reports. This week, we have July’s consumer price index (CPI), which could shake things up for rates.

Market Update: Mortgage Rates Trended Higher, but Not Because of the Fed; Jobs Reports Could Shake Things Up this Week

Blog posted On July 31, 2023

Last week, the Federal Reserve raised the benchmark interest rate another 0.25%. The next day, mortgage rates trended higher. However, it wasn’t the Fed that influenced this trend. In fact, rates consequently trended lower following the Fed announcement and press conference on Wednesday afternoon. So what happened last week and what does it mean for rates going forward?

Market Update: Rates Fall with Cooling Inflation Levels; What Will Existing Home Sales Do This Week?

Blog posted On July 17, 2023

Mortgage rates surged higher two weeks ago after economic reports suggested the economy is stronger than expected. Last week’s reports told a different tale. The main economic report last week was the consumer price index (CPI), which measures inflation. Upon release, this report showed that inflation was falling faster than expected. Inflation is a key factor that influences bonds (bonds hate inflation), and bonds influence rates. So the lower-than-expected CPI data was welcome news for rate trends, resulting in a full recovery from the week before. Though it’s only one month of data, it’s promising for a few reasons.

Market Update: Rates Trend Higher in Response to Resilient Economic Data

Blog posted On July 03, 2023

Rates were relatively unchanged throughout the majority of last week until the release of certain economic data that proved the economy resilient. A resilient or strong economy typically means bad news for the bond market and thus rates. This week holds even bigger market moving reports with the jobs data.

Market Update: Rates Fall Slightly Amid Positive Housing News, Showing Resilience

Blog posted On June 26, 2023

Mortgage rates showed relatively little volatility last week, fluctuating up and down and ending the week at a slightly lower level. There weren’t any extraordinarily large swings in rates despite the confirmation from Fed Chair Powell that they will likely have a couple more rate hikes this year. Other big news last week included the huge surge in housing starts in May. Some experts claim this news would have caused more rate volatility earlier in the year but they’re showing more resiliency at this point. The trajectory of rates and rate hikes will largely depend on one key economic factor.

Market Update: Rates Remain Relatively Unchanged, as Does the Federal Funds Rate; What’s Next for the Fed and Mortgage Rates?

Blog posted On June 19, 2023

As expected, the Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate unchanged last week. Because the markets had already prepared for this decision, there wasn’t much resulting bond or rate movement. However, the decision was a notable change after 10 consecutive rate hikes starting in early 2022. The Fed’s statement and Fed Chair Jerome Powell offered slightly more insight on where they see rates going for the rest of the year.

Market Update: Rates Unchanged; Inflation Data and Fed Interest Rate Decision Coming Up This Week

Blog posted On June 12, 2023

Similar to the week prior, mortgage rates showed minimal volatility last week. A potential cause could be the market’s prediction that the Federal Funds Rate is nearing a plateau. In other words, the markets are predicting that the Federal Reserve will NOT hike the benchmark interest rate this Wednesday or at subsequent meetings in 2023. Of course, this will largely depend on economic data like jobs reports and inflation. This week we’ll get news from the consumer price index (CPI) about inflation in May. The following day is when the Fed is scheduled to make a decision about the benchmark rate.

Market Update: Rates Trend Lower Despite Strong Payroll Numbers from the Employment Situation

Blog posted On June 05, 2023

Is the labor market strong or not? Recently, the employment situation reports have been the pulse of the economy. But last week’s jobs data from May made it difficult to tell. On one hand, nonfarm payrolls and private payrolls greatly outperformed – indicating labor market strength. On the other hand, the unemployment rate ticked up, average hourly earnings declined, and the workweek was cut shorter – all signs of labor market weakness. As we know, a stronger economy generally leads to a weaker bond market and higher rates and vice versa. So how did the bond market react to the data?

Market Update: Rates Rise and Inflation Remains Stubborn; Home Prices and Jobs Data Coming Up This Week

Blog posted On May 29, 2023

Mortgage rates trended higher last week after the markets realized that the Federal Reserve may need to keep the benchmark rate higher for longer. This comes in the wake of recent economic data that has been stronger than expected, including recent inflation reports.

Market Update: Rates Trend Higher; Pending Home Sales Coming Up This Week

Blog posted On May 22, 2023

A few different factors contributed to last week’s upward rate momentum. For once, economic reports were not the main cause. The first factor was the debt ceiling debate. The other was Fed member comments and the overall economic outlook. All of these factors contributed to bond market weakness, which oftentimes correlates to higher rates.

Market Update: Rates Unchanged and Inflation as Expected; Existing Home Sales Coming Up This Week

Blog posted On May 15, 2023

Mortgage rates trended slightly higher in the beginning of last week in preparation of the release of April’s consumer price index on Wednesday. Following the release, which revealed numbers that were exactly in line with expectations, rates started trending lower. They trended lower again on Thursday thanks to weaker data from certain economic reports. Weaker economic data = better for bonds = better for rates. As bond price increased, rates typically decrease. On Friday, however, bond prices fell, which influenced rates slightly.

Market Update: Rates Trend Lower Amid Banking News and Lower Job Openings; This Week, the Consumer Price Index Takes the Stage

Blog posted On May 08, 2023

Mortgage rates fluctuated last week but ultimately trended lower than the week before. They initially inched downward due to more banking drama that sent bond yields lower. Following the banking drama, the scheduled Job Openings and Labor Turnover (JOLTs) on Tuesday showed that job openings were lower than expected in March. Fewer job openings are a good sight of economic tightening, which typically sends bonds and rates lower. On Wednesday, the Federal Reserve raised the benchmark interest rate another 0.25%, which was widely expected by the markets. Less expected was the language shift in the Fed’s statement that suggests it will be easing up on rate hikes soon. This was more good news for interest rates. Friday, however, unloaded stronger-than-expected employment situation reports, which sent rates slightly higher, but not higher than the previous week.

Market Update: Rates Climb Towards End-of-March Levels; Existing Sales Coming Up This Week

Blog posted On April 17, 2023

Last week, mortgage rates trended higher despite weaker inflation and retail sales numbers. Cooler inflation levels have typically been correlated to lower-trending rates over the past several months, so last week’s news may have come as a shock to some. While there’s no single event we can blame for last week’s increases, we are starting to see inflation reports become less of a concern for the bond market and rates. Instead, jobs reports seem to be stealing the spotlight lately. The markets know that the Federal Reserve is closely eyeing these reports, hoping for a slowdown.

Market Update: Rates Stabilize After Banking News; Inflation Falls Lower Than Expected, Important Jobs Reports Coming Up This Week

Blog posted On April 03, 2023

Average mortgage rates trended higher toward the beginning of last week due to bond market stabilization following weeks of banking drama. On Friday, the personal consumption expenditures (PCE) index showed that inflation was cooler than expected in February. Inflation is the enemy of bonds (which influence rates); therefore, rates trended slightly lower following the report’s release. This week holds some potential for rate movement with the various jobs reports scheduled for release: the job openings and labor turnover survey (JOLTS), ADP nonfarm employment change, and the employment situation on Friday.

Market Update: Rates Fall After Fed Interest Rate Announcement

Blog posted On March 27, 2023

Mortgage rates took a sharp downward trend last week after the Federal Reserve’s decision and press conference about the benchmark interest rate. The benchmark interest rate, or federal funds rate is the target interest rate for banks and depository institutions. The Fed sets the range of the federal funds rate and uses it as a tool to help stabilize the economy. While the benchmark interest rate doesn’t directly set mortgage rates, it can influence their movement. Even more of an influencing factor is the language surrounding the benchmark rate and overall economic outlook.

Market Update: Rates Trend Lower After a Busy Week; Existing Home Sales and Fed Interest Rate Decision Coming Up This Week

Blog posted On March 20, 2023

Mortgage rates had an eventful run of fluctuations last week. By Friday, rates were relatively unchanged from where they started the week but overall, they trended lower than the week before. There’s a lot coming up this week in housing market news starting with February’s existing home sales tomorrow morning. New home sales will be released later this week. The most important factor in terms of rate movement will be Wednesday’s Federal Reserve activities. Not only will the Fed decide on interest rate hikes, but it will also have important language in its statement that the market will be keying into. Additionally, the Fed will update its rate projections for the year, and we will hear from Fed Chair Powell in a Wednesday afternoon press conference. Historically, Powell’s press conferences have been very influential as the market pays close attention to any hints of future Fed moves.

Market Update: Rates Trend Sharply Lower; Consumer Price Index Coming Up This Week

Blog posted On March 13, 2023

Last Friday was an eventful one for the bond market and rates. There was a lot of commotion going on in banking news that positively impacted bonds. Other news that affected bonds positively on Friday was the release of the employment situation reports. These reports include data on payrolls, earnings, workweek duration, unemployment, and participation in the workforce. Overall, the reports fell short of expectations, save a couple of exceptions. So what does the bond market and employment data have to do with mortgage rates? In the current environment, both of these factors have a strong impact on rates. Luckily, last week’s events had positive impact on rates – a very positive impact (at least for now).

Market Update: Rates Inched Higher Last Week; More Potential Volatility This Week

Blog posted On March 06, 2023

Mortgage rates trended higher throughout most of last week largely due to the trading levels in specific bonds. It was mostly just continued momentum that kicked off last month with the release of reports showing strong economic data. Though strong economic data sounds positive, it oftentimes results in traders selling bonds and mortgage rates climbing higher. This week, we’ll potentially see more rate volatility with the releases of several important jobs reports including ADP employment change, job openings, and the employment situation reports. If the reports come in lower than expected, rates could trend

Market Update: Rates Trend Higher After High Inflation Numbers and Strong Economic Data; Case-Shiller Home Price Index Coming Up This Week

Blog posted On February 27, 2023

Mortgage rates trended higher last week after the inflation numbers on the personal consumption expenditures (PCE) index climbed in January. Consumer spending also surged in January. Existing home sales slipped while new home sales jumped, and existing home inventory showed signs of recovery. This week, important data on home prices will be released.

Market Update: Rates Remain Elevated Amid Persistent Inflation News, Existing Home Sales Coming Up This Week

Blog posted On February 20, 2023

January’s consumer price index (CPI) had a few unexpectedly high numbers last week, which caused some bond market and rate adjustments. Higher numbers on the CPI suggest that inflation is persevering and might take longer to cool down to the 2% target. In short, high inflation = bad for rates. Other factors that have affected rates this month include the strong jobs reports released a few weeks ago. “Generally speaking, higher inflation and stronger economic data mean the Fed is likely to keep short-term rates higher for longer,” writes Matthew Graham of Mortgage News Daily.

Market Update: Rates Relatively Unchanged After an Eventful Week of Economic Reports

Blog posted On February 06, 2023

The Super Bowl may be this weekend but last week was quite the event. Mortgage rates started off the week fairly calm, trending near 4-month lows. They trended even lower after the Federal Reserve’s rate hike. Then the employment situation reports were released, sending rates on a higher trend. But by the end of it all, rates still finished the week roughly in line with where they started. Here’s a breakdown of everything.

Market Update: Most Stable Rate Trend Since 2021; Pending Sales, New Sales, and Mortgage Demand Increase; Fed Interest Rate Decision Coming Up This Week

Blog posted On January 30, 2023

There are a lot of ways you could describe mortgage rate trends over the past year – volatile, variable, unpredictable, aggressive. One word we haven’t used to describe rate trends in a while is stable. The last time rates were trending with this much stability was in 2021, according to data from Mortgage News Daily. While the big headline is that rates are trending lower than they were roughly 4 months ago, the unsung hero is the stability of rate trends. Lower rates are more of an attractive headline, but the big win in the long run is going to be their stability. It’s not a guarantee that rates will continue on their current path, but already, we’re seeing some positive effects trickle in because of the consistently lower rate trends in recent months.

Market Update: Rates Inched Higher Last Week; Important Inflation-Related Reports Coming Up This Friday

Blog posted On January 23, 2023

Mortgage rates trended slightly higher last week but will likely rebalance this week with upcoming news on inflation, consumer spending, and personal income. Last week also brought us December’s existing home sales, which were better than expected.

Market Update: Rates Brush 4-Month Lows After Encouraging Inflation News; Existing Home Sales Coming Up This Week

Blog posted On January 16, 2023

Mortgage rates slipped lower last week after the release of the consumer price index for December. The index, which measures the changes in the average price of a fixed basket of goods and services, showed that inflation is continuing to cool. This was welcome news for the bond market and interest rates. In fact, it was VERY welcome news.

Market Update: Rates Fall After Employment Situation News; Potential to Improve Further This Week with the Consumer Price Index

Blog posted On January 09, 2023

Mortgage rates saw a sharp downward trend on Friday following some unexpectedly low numbers on December’s employment situation reports. The Federal Reserve has been closely watching employment data over the past several months to see if the numbers will aid in the fight against inflation. In general, lower employment numbers are better for inflation, the bond market, and interest rates.

Market Update: Rates Trend Higher; ADP Nonfarm Employment Coming Up this Week

Blog posted On December 30, 2022

Last week, mortgage rates trended higher. Mortgage rates are based on the bond market, which is oftentimes slightly chaotic toward the end of the year. “The last two weeks of December are often a roll of the dice,” writes Matthew Graham of Mortgage News Daily. Rate movement this time of the year can more or less be ignored. During the holidays, the bond market and rates are often more volatile, but they should start to normalize once we get into the thick of January.

Market Update: Rates Trend Higher; Pending Home Sales Coming Up This Week

Blog posted On December 26, 2022

Last week, mortgage rates inched higher. It’s important to remember that rate movement can be more volatile during the holidays but in the long run, the movement last week and this week won’t matter as much. “In general, we're not paying too much attention to mortgage rate volatility until the 2nd week of January,” writes Matthew Graham of Mortgage News Daily. “During winter holidays, it becomes increasingly apparent that something is "different,"” Graham notes. “Those differences can manifest themselves in different ways but one of the most apparent is with higher volatility.”

Market Update: Rates Fall Toward 3-Month Lows; NAHB Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales Coming Up This Week

Blog posted On December 19, 2022

Last week brought a whirlwind of good news for mortgage rates, starting with the consumer price index. The consumer price index for November showed that inflation is continuing to cool, which is good news for the bond market, which influences rates. It also is good news for the Federal Reserve because it shows that their rate hikes have been working. Therefore, the central bank decided to slow its pace of rate hikes, which was although expected, was another wave of positive news for rates. Consequently, they trended lower and were brushing fresh 3-month lows. This week, there’s a great deal of housing reports coming up, starting with the NAHB index.

Market Update: Rates Relatively Unchanged; Consumer Price Index, and Fed Interest Rate Decision Coming Up This Week

Blog posted On December 12, 2022

Mortgage rates ended last week at levels relatively unchanged from the week before. This week, the market is eagerly awaiting data from the consumer price index. This could have a huge impact on rates if it shows anything unexpected. The Federal Open Market Committee (FOMC) will announce their decision on the benchmark interest rate the following day. Their decision will be heavily influenced by the consumer price index data.

Market Update: Rates Fall; Consumer Credit Coming Up This Week

Blog posted On December 05, 2022

Last week was a roller coaster for the stock and bond markets, but mortgage rates came out on top. Rates saw a huge downward shift following Fed Chair Powell’s comments surrounding the fed funds rate outlook. While he was still cautious with his choice of words, the markets took note of his confirmation that the Fed is looking at slowing the pace of rate hikes soon. Experts are thinking that ‘soon’ means the upcoming Federal Open Market Committee (FOMC) meeting next week. Therefore, the markets repriced for the hopeful outlook. But the week didn’t end there.

Market Update: Rates Unchanged; Case-Shiller Home Price Index and Pending Home Sales Coming Up This Week

Blog posted On November 28, 2022

During the shortened holiday week, mortgage rates remained relatively unchanged. This marks the second consecutive drama-free week for the bond market and mortgage rates – a trend not seen in months. As stated by Matthew Graham, COO of Mortgage News Daily, “mortgage rates have been hovering around the best levels since late September for two straight weeks now.” As we move into December, it’s possible that rates could have slightly more volatility, but the largest changes are likely to take place closer to the next Federal Open market Committee (FOMC) meeting on December 13-14.

Market Update: Rates Fall; Housing Starts and Building Permits, Existing Home Sales Coming Up This Week

Blog posted On November 14, 2022

Last week, the consumer price index for October showed that inflation was much cooler than expected, which in turn gave the markets increased hope for a lower fed funds rate increase in December. When the bond market is happy, mortgage rates tend to trend lower. In this case, they trended drastically lower – marking the largest single-day drop in over a decade, according to historic data from Mortgage News Daily. While this doesn’t ensure a smaller rate hike in the future, it certainly provides some hope in the meantime.

Market Update: Rates Fall; Construction Spending and Fed Interest Rate Decision Coming Up This Week

Blog posted On October 31, 2022

Last week, mortgage rates had their best winning streak in months. One of the factors was a more rate-friendly tone from a Fed member who suggested that the Fed should start discussing its let up on rate hikes. Other helpful factors include the European Central Bank’s friendlier-than-expected announcement and economic data that hinted the Fed’s rate hikes are starting to make their desired effect. Rate-friendly decisions abroad tend to impact domestic rates positively. Domestically, the Fed is waiting for signs from economic data (like cooler inflation) before tapering off its rate hikes. The market eagerly awaits this week’s interest rate decision from the Federal Open Market Committee (FOMC) and subsequential press conference by Fed Chair Jerome Powell.

Market Update: Rates Rise; Case-Shiller Home Price Index, New Home Sales, and Pending Home Sales Coming Up This Week

Blog posted On October 24, 2022

Last week, mortgage rates continued their upward trend, but saw some hope at the end of the week. A big debate impacting current rate trends is the trajectory of the Federal Funds rate hikes. While the Federal Funds rate doesn’t directly set interest rates, it can influence trends. Right now, the bond market is debating whether or not the Federal Reserve can/will continue hiking the benchmark rate at the same pace. The past three rate hikes have been 75 basis points. Most rate hikes throughout history average around 25 basis points. The aggressive rate hikes of late are a tactic to combat against high inflation levels. Basically, the Fed has “remained very unfriendly toward rates,” writes Matthew Graham of Mortgage News Daily, and is waiting to see a change in inflation before changing its stance. Many experts believe the Fed can’t continue at its current pace; the consequence would be a huge negative effect on the national and global economy.  

Market Update: Rates Inch Higher; NAHB Housing Market Index, Housing Starts and Building Permits, Existing Home Sales Coming Up This Week

Blog posted On October 17, 2022

Last week, mortgage rates trended higher following hotter-than-expected inflation data. High inflation is tough on mortgage rates for a couple of reasons. First, inflation is the enemy of bonds, and the bond market heavily influences rate trends. Additionally, persistently high inflation will likely lead the Federal Reserve to continue its aggressive rate hikes.  

Market Update: Mortgage Rates Rise; Consumer Price Index Coming Up This Week

Blog posted On October 10, 2022

Mortgage rates trended higher last week after the release of strong jobs reports. In a typical market, economic data wouldn't influence rates to the volatility of this extent. But this year has not been a typical market. After several job reports last week came in at higher-than-expected levels, the markets started adjusting and repricing. Why? Strong jobs data suggests that the economy can continue enduring the rate increases by the Fed. This doesn't necessarily mean that the Fed will continue raising at the current increases, but it could influence continued hikes.  

Market Update: Mortgage Rates Rise; Construction Spending and Job Openings Coming Up This Week

Blog posted On October 03, 2022

Mortgage rates continued trending upward last week. While there was a short correction mid-week, the volatility ramped back up by end-week. However, this doesn't mean that all hope is lost for mortgage rates. While it's likely that they will continue trending upward until inflation cools, rates have seen some of the biggest day-to-day changes in a decade over the past several months. Which means you could still lock in a good rate. When compared to rates over the past couple of decades, the current rates are still very average.

Market Update: Rates Trend Higher; Case-Shiller Home Price Index, Pending Home Sales, and PCE Index Coming Up This Week

Blog posted On September 26, 2022

Last week, mortgage rates trended higher. Mortgage rates have been trending higher since the release of the latest consumer price index, which showed that inflation is at higher-than-expected levels. The Federal Open Market Committee (FOMC) also made a unanimous decision to raise the benchmark interest rate by another 0.75%. Important reports scheduled for release this week could have another big impact on the movement of rates – especially the PCE inflation reports on Friday. Completion is the enemy of the bond market, which influences mortgage rates heavily. Other important reports include the Case-Shiller home price index and pending home sales.  

Market Update: Rates Rise; Housing Starts and Building Permits, Existing Home Sales, and FOMC Announcement Coming Up This Week

Blog posted On September 19, 2022

Mortgage rates trended higher last week after the consumer price index showed much higher levels of inflation than what economists were expecting. The market was also preparing for the upcoming Federal Open Market Committee (FOMC) meeting later this week, which will reveal any increases to the benchmark interest rate. Oftentimes the market tries to predict any hikes the Fed might make and price itself for those changes.  

Market Update: Rates Unchanged; Consumer Price Index Coming Up This Week

Blog posted On September 12, 2022

Mortgage rates ended last week relatively unchanged from the week before, or slightly lower in some cases. This week’s rate volatility could be higher as the consumer price index is scheduled for release and the Federal Reserve is it its usual public comment ‘blackout’ prior to the Federal Open Market Committee (FOMC) meeting next week. 

Market Update: Rates Rise; Consumer Credit Coming Up This Week

Blog posted On September 05, 2022

Mortgage rates trended higher last week as traders digested more economic data that led them to believe July’s brief cooling was premature. Inflation data from overseas and stronger-than-expected jobs data from the U.S. were two large contributors. Inflation is the enemy of bonds (which influence rates) – regardless of whether it’s domestic or foreign. Higher-than-expected jobs data indicates that the economy is not cooling as expected in July. All things being equal, a weaker economy leads to lower rates. Due to the unexpected economic strength, rates saw a bit more volatility last week.

Market Update: Rates Rise; Case-Shiller Home Price Index and Construction Spending Coming Up This Week

Blog posted On August 29, 2022

Last week, mortgage rates trended higher after Federal Reserve Chairman Jerome Powell gave a short statement at the Jackson Hole Symposium. Additionally, the recent rise in rates this month are likely a larger correction to the fast downward trends we saw in July.

Market Update: Rates Rise; Pending Home Sales and New Home Sales Coming Up This Week

Blog posted On August 22, 2022

Mortgage rates trended upward last week after new inflation data from the UK and Germany that was hotter-than-expected. Hotter inflation tends to mean higher rates – regardless of whether it’s abroad or domestic. Until inflation reports show more consistent trends lower, rates will likely continue their volatility. This week, we have important data coming in on new home sales and pending home sales.

Market Update: Rates Fall; NAHB Housing Market Index, Housing starts and Building Permits, Existing Home Sales

Blog posted On August 15, 2022

Mortgage rates trended lower again last week after the consumer price index showed positive signs of inflation cooling. Inflation has been soaring beyond 40-year highs, which has had negative effects on the bond market and therefore mortgage rates. So when the year-over-year consumer price index showed a drop in inflation, the markets reacted positively. This week, we have several housing reports scheduled for release.

Market Update: Rates Unchanged; Consumer Price Index Coming Up This Week

Blog posted On August 08, 2022

Last week, mortgage rates trended higher. Throughout the week, they saw high volatility, fluctuating up and down. However, following the employment report on Friday morning, they began trending upward again. The employment report was overall better than expected – just not for the bond market. The number of jobs gains were higher than expected, but we are also seeing a reduction of output in terms of GDP specifically, which infers decreased productivity per worker. This is an inflationary signal, and the bond market (which influences rates), hates inflation.

Market Update: Rates Fall; Construction Spending and Jobs Reports Coming Up This Week

Blog posted On August 01, 2022

Mortgage rates took a sharp downward tumble last week after the Federal Open Market Committee (FOMC) announced another aggressive rate hike, and the GDP estimate showed another negative number for Q2 of 2022.

Market Update: Rates Fall; New Home Sales and Fed Interest Rate Decision Coming Up This Week

Blog posted On July 25, 2022

Last week, mortgage rates trended down to two-week lows due to weak economic data in the U.S. and announcements from the European Central Bank (ECB). The Philadelphia Fed Index resulted in a chart that pointed to big economic weakness, which is good news for interest rates. The ECB also released an announcement about a new bond-buying program that will increase demand for specific European bonds. Generally, more bond demand leads to lower rates. Lower rates in Europe can influence rate trends in the U.S.

Market Update: Rates Unchanged; NAHB Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales Coming Up This Week

Blog posted On July 18, 2022

Last week, mortgage rates were relatively unaffected by the rising inflation levels reported by the consumer price index. Most people would typically expect a drastic shift higher in rates since inflation is the enemy of bonds, and the bond market influences rates. While rates did begin to trend slightly higher – it was not as big of a jump as expected. The cause? As inflation continues to climb higher in the current economic state, “the market increasingly sees [it] (and the Fed's necessary policy response) as resulting in recession,” writes Matthew Graham, COO of Mortgage News Daily. When economic activity slows (recession symptoms), rates tend to trend lower.

Market Update: Rates Slightly Higher; Consumer Price Index Coming Up This Week

Blog posted On July 11, 2022

Last week, mortgage rates trended slightly higher from their one-month lows the previous week. After last month’s consumer price index release showed that inflation was still climbing, rates trended sharply upward. Later, the bond market rallied after the Federal Open Market Committee (FOMC) meeting and rates began trending lower. The consumer price index scheduled for release this week will be very important.

Market Update: Rates Fall; Job Openings Coming Up This Week

Blog posted On July 04, 2022

Last week, mortgage rates trended downward to reach their lowest level in over a week. A large contributor was the personal consumption expenditures (PCE) index, which is the Federal Reserve’s preferred method of measuring inflation. May’s PCE index revealed that spending was slightly cooler than expected. Inflation is the enemy of bonds, and mortgage rates closely follow the bond market. So, when the inflation numbers were better than expected, rates likely followed the bond market’s positive trend. Another factor was the Atlanta Fed releasing its revised GDP estimate for Q2 of 2022 following the PCE news. Prior to the index’s release, the estimate was around 0%. Then it dropped to -1% after the PCE news. When the economy shows signs of slowing, the bond market rallies, and interest rates typically trend lower.

Signs That the Housing Market is Normalizing, Not Slowing

Blog posted On June 28, 2022

Order is being restored in the housing market. Two years ago, mortgage rates sank, and housing activity boomed. Home buyers jumped at low rates and homeowners wasted no time refinancing. Now, activity is cooling off. Some are framing it as a ‘slowdown’ in housing. While this isn’t entirely inaccurate, it doesn’t paint the full picture of what’s going on in the market, nor does it highlight why a ‘cooldown’ is actually needed in the current housing environment. 

Market Update: Rate Fall; Pending Home Sales, Case-Shiller Home Price Index, and Construction Spending Coming Up This Week

Blog posted On June 27, 2022

Mortgage rates trended downward last week after a rally in the bond market following Federal Reserve Chairman Jerome Powell’s testimony. During his testimony, he subtly prepped the markets for the possibility of a slowdown. When the economy slows, interest rates typically drop.

Market Update: Rates Fluctuate; Existing Home Sales, New Home Sales Coming Up This Week

Blog posted On June 20, 2022

Mortgage rates trended sharply upward near the beginning of last week as a response to the latest Consumer Price Index (CPI), which revealed that inflation is at its highest level in 40 years. Interest rates do not favor high inflation numbers. Typically, with higher inflation comes higher rates. And the release of May’s CPI proved no different. The market also heated up because the CPI was released right before the Federal Reserve decided on the future of the benchmark interest rate. Therefore, the Fed was in a “blackout period” – which means that the Fed members could not make any public comment on monetary policy. Without any guidance from Fed member comments, the market’s imagination went wild. Then, when the Fed released its announcement that it would raise the benchmark rate by 75 basis points, the bond market was actually relieved, which helped mortgage rates feel some relief and trend lower as well. By hiking the benchmark rate 0.75%, the Fed showed the bond market that it is serious about fighting inflation aggressively now.

Market Update: Rates Rise; Fed Interest Rate Decision, Housing Starts and Building Permits Coming Up This Week

Blog posted On June 13, 2022

Last week, mortgage rates trended higher after announcements from the European Central Bank (ECB) and the release of the consumer price index for May. The US bond market reacted to an announcement from the ECB last week, which pushed mortgage rates higher. Additionally, the consumer price index showed that inflation is still climbing higher, which also caused a market reaction. Higher levels of inflation likely indicate that the Federal Reserve will raise benchmark interest rate by at least another 50 basis points in several of their upcoming meetings. To prepare for the upcoming Fed rate increases, the market mortgage rates are continuing to trend upward.

Market Update: Rates Trend Higher; Consumer Price Index Coming Up This Week

Blog posted On June 06, 2022

Mortgage rates trended higher last week after seeing favorable downward trends the week before. Several factors contributed to the rise. One simply is the volatility of the current market. “Any time anything in the market has been doing one thing bigger/longer than normal, odds of a rebound increase,” writes Matthew Graham, chief operating officer at Mortgage News Daily. Other contributors include China’s easing of lockdowns, data showing that the manufacturing sector was more resilient than expected in May, and markets predicting an aggressive stance from the Federal Reserve in its upcoming Federal Open Market Committee (FOMC) meeting.

Market Update: Rates Drop; Case-Shiller Home Price Index and Construction Spending Coming Up This Week

Blog posted On May 30, 2022

Mortgage rates fell to their lowest level in over a month last week, according to the average data from Mortgage News Daily. One of the main causes for the downward trend is the continued declines in the stock market. Last week, there was a specific drop following the new home sales data. So, the silver lining of the seemingly poor trends in market-moving reports (like new home sales) is their potentially positive impact on rates.

Market Update: Rates Trend Lower; New Home Sales and Pending Home Sales Coming Up This Week

Blog posted On May 23, 2022

Last week, mortgage rates trended downward to hit three-week lows. Again, no huge contributing factor or obvious reason for the large sways in rate trends right now other than the extreme volatility of the current market.

Market Update: Rates Trend Lower; NAHB Index, Housing Starts and Building Permits, and Existing Sales Coming Up This Week

Blog posted On May 16, 2022

Mortgage rates dropped to some of the lowest levels in two weeks towards the middle of last week. Typically, decreases that drastic only happen but once a year and are tied to some huge event happening in the market. But this year is a year like no other. The volatility alone in the 2022 market has spawned some dramatic climbs and tumbles for rates. Commenting on the drops from last week, Mortgage News Daily CEO and founder Matthew Graham writes, “It's a sign of 2022's times that there really weren't any glaringly obvious scapegoats for this particular drop in rates.”

Market Update: Rates Rise; Consumer Price Index Coming Up This Week

Blog posted On May 09, 2022

Mortgage rates trended upward last week for different reasons. Although the Federal Reserve hiked the benchmark interest rate, the market reacted more positively to Fed Chairman Jerome Powell’s statement that “the committee isn't even considering raising rates by more than 0.50% at any subsequent meeting,” writes Mortgage News Daily Chief Operating Officer Matthew Graham. Towards the end of the week, they began trending upward again. “In the case of the bond market, unwinding the Fed reaction meant crossing into territory that triggered additional selling,” writes Graham. “When traders are selling more bonds than they're buying, rate move higher, all other things being equal.”

Market Update: Rates Rise; Construction Spending and The Fed Interest Rate Decision Coming Out This Week

Blog posted On May 02, 2022

Mortgage rates trended downward last week for the first time in nearly a month. Right now, “volatility is elevated [in the current market], and it has been for quite some time,” writes Matthew Graham of Mortgage News Daily. “Every time the rate market hits a new long term high, odds increase that we'll see some attempt at a counterattack in subsequent days.” Last week, the drop in rates was closely connected to the lockdowns in China, which caused a drop in global markets overnight, as well as a drop in oil prices.

Market Update: Rates Rise; Case-Shiller Home Price Index, Pending Home Sales Coming Up This Week

Blog posted On April 25, 2022

Last week, mortgage rates trended upward. The cause, which was well explained by Matthew Graham at Mortgage News Daily, “[has remained] relatively unchanged over the past several months and almost perfectly unchanged over the past 6 weeks. Specifically, the Fed was in the process of making a significant shift in its monetary policy stance between September 2021 and the present. This involved faster rate hikes and bigger steps toward reducing bond purchases.”

Market Update: Rates Trend Higher; NAHB Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales Coming Up This Week

Blog posted On April 18, 2022

Mortgage rates fluctuated last week, ultimately trending higher by the end of the week. Much of the movement has to do with inflation levels and market predictions on what the Federal Reserve will do in its May meeting.

Market Update: Rates Rise; Consumer Price Index and Retail Sales Coming Up This Week

Blog posted On April 11, 2022

Mortgage rates trended higher last week largely resulting from comments by various Fed members. Three weeks ago, Fed Chairman Jerome Powell kicked off the upward trend with his comments about speeding up the interest rate hikes and balance sheet reduction. Then, last week, Fed Vice Chair Lael Brainard commented that Fed bond buying would be winding down significantly more. This made the markets react since she typically has more of a rate-friendly approach. More demand for bonds generally leads to lower rates. So with comments predicting a reduced bond demand from the Fed, mortgage rates reacted negatively.

Market Update: Rates Fall; Consumer Credit Coming Up This Week

Blog posted On April 04, 2022

Last week, mortgage rates trended downward for the first time in several weeks. It began due to hopes that there would be de-escalation in Ukraine. With de-escalation would hopefully come reduced oil prices and easing upward pressure on inflation, allowing the Fed to ease their policy changes that could be negative influences for rates.

Market Update: Rates Rise; Case Shiller Home Price Index, Construction Spending Coming Up This Week

Blog posted On March 28, 2022

Last week mortgage rates saw a sharp trend upward. Federal Reserve Chairman Jerome Powell spoke on Monday and discussed a more aggressive path with balance sheet reduction. The bond market reacted badly to this, which influenced a sharp trend upward in mortgage rates. This week, the Case-Shiller home price index is scheduled for release on Tuesday and the construction spending report is scheduled for release on Friday.

Market Update: Rates Rise; New Home Sales, Pending Home Sales Coming Up This Week

Blog posted On March 21, 2022

Mortgage rates trended up for last week, largely due to the Federal Reserve’s rate hike announcement. In its March meeting, the Federal Open Market Committee (FOMC) voted to hike the benchmark interest rate by 25 basis points, or 0.25%. While this hike was largely expected, the rate hike projections for the rest of the year were not. The new forecast projected seven rate hikes in 2022.

Market Update: Rates Rise; Fed Interest Rate Decision, Housing Starts and Building Permits, and Existing Sales Coming Up This Week

Blog posted On March 14, 2022

Mortgage rates trended higher last week as inflation hit another 40-year high and continues to face upward pressures from the conflict in Ukraine. Mortgage rates are largely dependent on trends in the bond market, and the bond market does not like inflation.

Market Update: Rates Fluctuate; Job Openings and Consumer Price Index Coming Up This Week

Blog posted On March 07, 2022

Mortgage rates saw a sharp downward trend near the beginning of last week. Then, on Wednesday, Federal Reserve Chairman Jerome Powell told Congress that the Fed still plans to bump up the benchmark interest rate in its March meeting – but only by 25 basis points. This sent mortgage rates back on an upward trend because the bond market doesn’t like inflation, and inflation levels are very high right now. One of the Fed’s tools to combat inflation is the benchmark interest rate. The higher the rate hike, the greater likelihood of lowering inflation.

Market Update: Rates Fluctuate; Construction Spending Coming Up This Week

Blog posted On February 28, 2022

Mortgage rates were trending higher in the beginning of last week but shifted lower after the news in Ukraine. Typically, global turmoil is a factor that can help the bond market because people want to invest in safer options than stocks. The bond market is closely tied with mortgage rates, so mortgage rates benefitted as well.

Market Update: Rates Rise; Case-Shiller Home Price Index, New Home Sales, Pending Home Sales

Blog posted On February 21, 2022

Mortgage rates trended higher last week as the momentum from the previous week continued. The main cause a couple weeks ago was the consumer price index, which revealed that inflation levels are at a 40-year high level. Consequently, more experts believe that the Federal Reserve will hike the benchmark rate in March.

Market Update: Rates Rise; NAHB Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales Coming Up This Week

Blog posted On February 14, 2022

Mortgage rates continued their upward trend last week. One of the main factors was the consumer price index, released on Thursday, which showed inflation levels not seen since 1982. With higher inflation levels, the Federal Reserve is more likely to raise the benchmark interest rate in March.

Market Update: Rates Inch Up; Consumer Price Index Coming Up This Week

Blog posted On February 07, 2022

Despite trending lower in the beginning half of last week, mortgage rates trended slightly higher toward the end. Foreign bond markets were largely the cause. On Thursday, the Bank of England (BOE) hiked its benchmark rates and the European Central Bank (ECB) hinted at a rate hike in its upcoming meeting. Consequently, foreign bond yields rose, and U.S. bond yields followed the trend. Mortgage rate trends closely follow bond yield trends.   

Market Update: Rates Inch Higher; Construction Spending Coming Up This Week

Blog posted On January 31, 2022

Last week, mortgage rates trended higher after the Federal Reserve hinted at an interest rate hike in March. “The Fed’s announcement that it will ‘soon be appropriate’ to raise interest rates is a clear sign that a March rate hike is coming,” noted Michael Pearce, senior U.S. economist at Capital Economics. Although the benchmark interest rate does not directly set mortgage rates, it does influence them. When the benchmark interest rate dropped to zero two years ago, mortgage rates saw a similar downward trajectory. Now, in preparation for the Fed’s hike this Spring, rates are starting to inch up.

Market Update: Rates Rise; Case-Shiller Home Price Index, New Home Sales, and Fed Interest Rate Decision Coming Up This Week

Blog posted On January 24, 2022

Mortgage rates trended upward last week as the bond market continued adjusting to the Federal Reserve’s asset tapering plan. In December, the Federal Open Market Committee (FOMC) announced that it was speeding up its asset tapering in hopes of concluding the process in March. Soon after, the Fed will likely begin raising the benchmark interest rate. Right now, many traders are preparing for the eventual shift.

Home Sales to Reach 16-Year High; Buyers Have ‘Much to Look Forward to’ in 2022

Blog posted On January 18, 2022

Mortgage rates may be inching up, but home buyers show no signs of slowing down. According to Realtor.com’s 2022 Housing Market Forecast, existing home sales are expected to surge 6.6% this year – bringing their annual total to a 16-year high. Despite challenges of affordability and availability, “home buyers have much to look forward to in 2022,” writes Danielle Hale, chief economist of Realtor.com

Market Update: Rates Unchanged; NAHB Housing Market Index, Housing Starts and Building Permits, Existing Home Sales Coming Up This Week

Blog posted On January 17, 2022

Last week, mortgage rates were initially trending higher than the previous week. During the latter half of the week, they began trending lower. The bond market is largely tied to mortgage rate movement, and over the past two weeks, bond market supply has been elevated. Higher supply typically translates to higher rates. Other factors pushing rates higher include the Federal Reserve’s minutes released last week, and the potential for the Omicron variant to help speed up the endemic phase of COVID. Factors pushing rates lower included a stabilizing bond market and steady improvement following the congressional testimony from Fed Chair Jerome Powell.

Market Update: Rates Rise; Consumer Price Index Coming Up This Week

Blog posted On January 10, 2022

Last week, mortgage rates trended upward as the Omicron outlook brightened and the Federal Reserve released its minutes from the December meeting. “Bonds feed on fear, turmoil, and risk aversion,” wrote Matthew Graham of Mortgage News Daily. When the economy has a negative outlook, interest rates for things like bonds and homes tend to fall. When the economy is stronger, mortgage rates trend higher. Another factor pushing rates up is the Federal Reserve saying that it ideally would raise the benchmark interest rate sooner than previously anticipated. 

Market Update: Rates Unchanged; Construction Spending and Job Openings Coming Up this Week

Blog posted On January 03, 2022

Mortgage rates were relatively unchanged last week. Many traders are monitoring the Omicron variant carefully and waiting to see how it will affect the economy. Kicking off the new year, both the construction spending report and job openings data are scheduled for release.

Market Update: Rates Rise; Case-Shiller Home Price Index, Pending Home Sales Coming Up This Week

Blog posted On December 27, 2021

Mortgage rates remained relatively unchanged last week. Many investors are waiting to see how the Omicron variant will develop over the holidays. This week, the Case-Shiller home price index is scheduled for release on Tuesday and the pending home sales index is scheduled for release on Wednesday.

Market Update: Rates Rise; NAHB Housing Market Index, Fed Interest Rate Decision, and Housing Starts and Building Permits Coming Up This Week

Blog posted On December 13, 2021

Last week, mortgage rates trended upward as more hopeful news about the Omicron variant was released. When the economy is doing better, mortgage rates typically trend higher. The job openings report and consumer price index also came out last week – showing a very high number of job openings and inflation levels. When inflation levels get too high, the Fed can use some of its tools to bring them back down. One of those tools is raising the benchmark rate. Many experts expect the Fed to further discuss a plan to speed up their asset tapering process, which would push their rate increases forward.

Market Update: Rates Trend Lower; Job Openings Coming Up This Week

Blog posted On December 06, 2021

Last week, mortgage rates trended lower during the beginning of the week as concerns surrounding the Omicron variant spread. Typically, when news about something that could affect the economy breaks, people look to put their money in bonds as opposed to stocks. When bonds improve, rates tend to fall. 

Market Update: Rates Trend Higher; Pending Home Sales, Case-Shiller Home Price Index, Construction Spending Coming Up This Week

Blog posted On November 29, 2021

Last week, mortgage rates trended higher in reaction to the bond market. Typically, when the bond market is weaker, mortgage rates trend higher. The bond market saw its first pair of challenges early in the week with the re-nomination of Federal Reserve Chairman Jerome Powell. Though the re-nomination was largely expected, some hoped for the nomination of Fed Governor Lael Brainard. Brainard was viewed as a rate-friendly choice. Powell, however, has successfully navigated two years of the coronavirus pandemic. Additional bond pressure came from the Treasury auctions.

Market Update: Rates Rise; Existing Home Sales, New Home Sales Coming Up This Week

Blog posted On November 22, 2021

In the former half of last week, mortgage rates saw a slight upward trend after the release of more reports showing strong economic performance. On Tuesday, the retail sales report showed a 1.7% increase in October – the strongest monthly retail sales data in several years. Typically, when the economy grows stronger, interest rates trend higher. However, “In the bigger picture, rates are still [trending] very low,” said contributors at Mortgage News Daily. Coming up this week, both the existing home sales and new home sales report are scheduled for release.

Market Update: Rates Rise, NAHB Housing Market Index, Housing Starts and Building Permits Coming Up This Week

Blog posted On November 15, 2021

Mortgage rates trended upward last week. In the middle of the week, the bond market struggled. Interest rates are generally tied to the bond market, so if bonds have a bad day, mortgage rates will likely trend up too. One of the culprits was the consumer price index – a key inflation report – which showed inflation was at a higher-than-expected level. Bonds typically react badly to inflation.

Federal Reserve Data Shows Housing Market is Still Strong

Blog posted On November 02, 2021

The housing market has been fueling the economy since the beginning of the pandemic. When other industries tumbled, the housing market boomed. Mortgage rates sunk to historic lows, buyers and owners jumped to purchase or refinance, and home sales soared to 15-year highs. A year and a half later, the real estate industry is still booming. Though some may fear that it has reached its peak, the housing market is going strong.   

Market Update: Rates Fall; Construction Spending, Fed Interest Rate Decision Coming Up This Week

Blog posted On November 01, 2021

Last week started with mortgage rates trending higher but they quickly trended lower towards the middle of the week. The bond market showed similar trends. Typically, mortgage rates follow the patterns of the bond market. Right now, the biggest influencer on the bond market seems to be the Federal Reserve and its bond buying program. Ever since the Fed hinted at tapering assets soon, the bond market has shown more hesitation. Consequently, mortgage rates have generally trended upward. 

Market Update: Rates Rise; Case-Shiller Home Price Index, New Home Sales, and Pending Home Sales Coming Up this Week

Blog posted On October 25, 2021

Last week, mortgage rates trended upward. Even though existing home sales and home builder sentiment showed growth, rates continued their upward momentum. “There really isn't any great, short-term explanation for the incremental [increases],” noted Mortgage Daily News contributors. Rates have simply been carried by an upward momentum since the Fed hinted at tapering assets in November or December. Unless the economic outlook or COVID recovery drastically changes over the next few weeks, it’s likely the Fed will begin the tapering process.

Market Update: Rates Fall, NAHB Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales Coming Up This Week

Blog posted On October 18, 2021

Last week, mortgage rates trended downward after a few strong days in the bond market. When bonds – specifically mortgage-backed securities (MBS) – show more strength, mortgage rates tend to fall. The Federal Open Market Committee (FOMC) also released its minutes from the September meeting, revealing a unanimous opinion that it was time to begin tapering assets.

Market Update: Rates Rise, Job Openings and Consumer Price Index Coming Up This Week

Blog posted On October 11, 2021

Mortgage rates trended upward again last week with some weakening in the bond market and strong job reports. When the bond market is weaker, rates tend to be higher. The ADP employment report showed a stronger-than-expected number of nonfarm jobs hirings. Friday’s job reports, however, showed lower-than-expected results. Therefore, the bond market volatility seemed to level out by the end of the week but may heat up again this week.

Market Update: Rates Rise, ADP Employment and Employment Situation Coming Up This Week

Blog posted On October 04, 2021

Mortgage rates continued their upward trend last week as the bond market continued to lose ground. When the bond market is weaker, rates are typically higher. Largely, the bond market has been losing ground since the Federal Open Market Committee (FOMC) meeting two weeks ago. After that meeting, the Federal Reserve showed increasing resolve about their plan to taper assets and raise rates in the near future. Consequently, the bond market reacted badly and hasn’t shown significant improvement yet, though

Market Update: Rates Rise; Case-Shiller Home Price Index, Pending Home Sales, and Construction Spending Coming Up This Week

Blog posted On September 27, 2021

Last week, the Federal Open Market Committee (FOMC) decided to leave the benchmark interest rate unchanged. However, more members predicted that the first rate hike will occur next year as opposed to 2023. Consequently, mortgage rates reacted by trending higher. In his press conference last week, Federal Reserve Chairman Jerome Powell mentioned that the “test for substantial further progress on employment is all but met therefore a gradual tapering process that concludes around the middle of next year is likely to be appropriate.” A large deciding factor will be the upcoming jobs reports next month.

Market Update: Rates Unchanged, NAHB Housing Market Index, Existing Home Sales, Fed Interest Rate Decision, New Home Sales

Blog posted On September 20, 2021

Mortgage rates remained relatively unchanged last week. At the beginning of the week, rates were flat, until the release of the consumer price index (CPI), which sent rates slightly lower. When data suggests an improved economy or hotter inflation, rates typically trend higher. When reports suggest that the economy and inflation are cooling off, rates tend to trend lower. The CPI showed that inflation decelerated more than expected. Then, the underlying bond market showed promising signs as well, which continued rate improvements. However, bonds eventually started losing steam in the middle of the week, leveling out rates once more.

Market Update: Rates Unchanged, Consumer Price Index, Retail Sales Coming Up This Week

Blog posted On September 13, 2021

Mortgage rates trended higher toward the beginning of last week and lower toward the end of the week – creating little change in their levels from the week before. A strong 10-year Treasury auction and 30-year bond auction contributed to the rate improvements for many lenders. Treasuries and mortgage-backed securities are both good indicators for mortgage rate trends. Typically, when the prices of mortgage-backed securities rise, mortgage rates fall. When Treasury prices rise, mortgage rates tend to rise as well. Mortgage rates also reacted well to the European Central Bank’s announcement that they were reducing their bond buying efforts by a smaller amount than was expected. This week, there are few housing-specific reports, but a couple of important consumer-specific reports that tend to reflect the economy’s strength and influence rates.

Market Update: Rates Unchanged, Job Openings Coming Up This Week

Blog posted On September 06, 2021

Mortgage rates were trending lower toward the beginning of last week and started trending higher towards the latter half of the week – leaving them relatively unchanged from the week prior. Not much happened in the bond market last week until Friday’s job’s report – which came in much lower than expected. Economists predicted nonfarm payrolls to increase by over 700,000 in August, but they only grew by 235,000. The limited growth likely reflects the rising concerns and restrictions with the Delta variant. Job growth is a key factor that the Fed is watching to determine when to taper their asset purchases. While the Fed had previously expressed optimism about the job gains, they could reassess their tapering timeline if jobs data continues to slow down.

Market Update: Rates Trend Higher, Pending Home Sales, Case-Shiller Home Price Index, and Construction Spending Scheduled for Release

Blog posted On August 30, 2021

Mortgage rates trended slightly upward in the beginning of last week after some strong home sales reports. Additional rate influencers include falling bond prices and rising yields from the week before. Toward the end of the week, core inflation rose again according to the PCE index and Fed Chair Jerome Powell delivered a speech at the Jackson Hole Economic Symposium. In his speech, Powell noted that ‘substantial further progress’ has been met for inflation and employment has improved notably as well. Ultimately, he sees the tapering of asset purchases to begin at the end of the year, however there is “much ground to cover” before the Fed raises rates.

Market Update: Rates Unchanged, Existing Home Sales and New Home Sales Scheduled for Release

Blog posted On August 23, 2021

Last week, mortgage rates remained relatively unchanged. Near the middle of the week, they started inching up in reaction to the Fed’s July minutes – released on Wednesday. Though no key decisions were made during the Fed’s July meeting, traders are still nervous about future decisions related to assets and rates. The traders’ anxiety resulted in bond market weakness, which typically implies higher rates. In the latter half of the week, the bond market began to improve, pushing rates downward once again. By the end of the week, rates were largely unchanged from their levels the week before.

Market Update: Rates Trend Upward, Housing Market Sentiment Index, Housing Starts and Building Permits

Blog posted On August 16, 2021

Last week, mortgage rates saw a slight upward trend after hitting six-month lows the week before. Strong jobs reports pushed rates slightly higher, but economic risks related to the Delta variant could keep them low. If COVID cases calm down or school starts without a noticeable uptick in case numbers, the Fed might be more inclined to push the benchmark rate up. The next few weeks should provide more data on the rise in cases. This coming week, the National Association of Home Builders’ (NAHB) housing market sentiment index is scheduled for release as is the report on housing starts and building permits. 

Market Update: Rates Drop, Coming Up This Week: Job Openings and the Consumer Price Index

Blog posted On August 09, 2021

Near the beginning of last week, mortgage rates dipped near some of their lowest levels in six months – largely due to the Fed’s announcement and rising COVID cases. Toward the end of the week, rates began to trend upward due to strong economic reports including the ISM Non-Manufacturing Index, the ADP employment report, and the employment situation. Positive reports suggest that the economy is returning to a more stable level, which would then prompt the Fed to potentially raise the benchmark rate. Consequently, bond prices fell and Treasury yields rose – typically pushing rates higher. This week, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) is scheduled for release followed by the consumer price index.

Market Update: Benchmark Rate Unchanged, Construction Spending, ADP Employment Scheduled for Release

Blog posted On August 02, 2021

Last week, the Federal Open Market Committee (FOMC) voted to leave interest rates unchanged. Though they did mention that the economy has improved substantially, they have kept the benchmark interest rate near zero. The path of continued economic recovery (and consequential rate adjustments) will largely depend on potential spread of the coronavirus, specifically the delta variant. Mortgage rates have trended downward in past weeks due to several different factors – one of which includes the rising delta variant concern. However, the Fed did claim that future waves of the virus should have less impact on the economy. As for asset tapering, they said that we are not seeing enough progress on employment levels to begin tapering just yet. In other news, this week, construction spending is scheduled for release, as well as the ADP employment report.

Market Update: Rates Drop Sharply, Coming Up This Week: New Home Sales, Case-Shiller Home Price Index, and the FOMC Meeting

Blog posted On July 26, 2021

Mortgage rates continued to drop last week in reaction to the Adverse Market Refinance Fee removal. An additional influence on the rate trend was the significant improvement in the bond market. The combination of these two factors pushed rates for the average lender to their lowest range since February. There are also several important reports scheduled for release this week that could have an impact on rates and the housing market.

Market Update: Rates Fall, NAHB Housing Market Index, Housing Starts & Building Permits, and Existing Home Sales

Blog posted On July 19, 2021

Last week, mortgage rates fell to some of their lowest levels in months after the Federal Housing Finance Agency (FHFA) announced the removal of the Adverse Market Refinance Fee. As of last Friday, lenders no longer have to pay a fee amounting to 0.5% of every refinance. “Santa Claus has come early for homeowners looking to refinance their mortgages,” said Greg McBride, CFA, Bankrate chief financial analyst.

Adverse Market Refinance Fee Eliminated

Blog posted On July 16, 2021

As of today, Friday July 16^th, 2021, the Federal Housing Finance Agency (FHFA) has eliminated the Adverse Market Refinance Fee.  Homeowners still seeking to take advantage of record-low mortgage rates may now be able to save even more money through a refinance.

Market Update: Rates Fall, Coming Up This Week: Consumer Price Index and Retail Sales

Blog posted On July 12, 2021

Mortgage rates took a sharp downward trend last week, hitting some of their lowest levels in the past five months. No major market-moving reports have caused the drop, but “timing pays a role,” according to contributors at Mortgage News Daily. Two weeks ago, we saw a stronger than expected jobs report, which would normally push rates higher, but rates didn’t move significantly and continued floating. Then, after the three-day weekend, trading resumed, and the bond market improved substantially – pushing rates lower. This week, the consumer price index and retail sales are both scheduled for release – which may also have an impact on rate movement.

Market Update: Mortgage Rates Drop, Job Openings Scheduled for Release

Blog posted On July 05, 2021

Last week, mortgage rates fell to some of their lowest levels since mid-June. They have been slowly dipping ever since the Fed meeting on June 16. Though the monthly jobs report was a slight concern, it didn’t significantly impact rates. Nonfarm payrolls surged much higher than expected, which is a good sign for the economy and could start to shift rates higher. However, average weekly hours dipped slightly, unemployment inched up, and the participation rate remained unchanged. In other words, the report wasn’t overwhelmingly positive to the point where it could push mortgage rates higher.

Market Update: Rates Fall, Case Shiller Home Price Index, Pending Home Sales, and Construction Spending Coming Up This Week

Blog posted On June 28, 2021

Mortgage rates trended downward towards the end of last week. Bonds had a few solid days of stability – the most stability since the Fed’s meeting two weeks ago – while also trading at or near some of the best levels week-over-week. Consequently, mortgage rates saw improvement as well. This week, there are several reports scheduled for release that could have an impact on current rates. On Tuesday, the Case-Shiller home price index is scheduled for release, and on Wednesday, pending home sales will be released as well. Construction spending is scheduled for release on Thursday morning.

Market Update: Rates Trend Higher, Existing Home Sales and New Homes Sales Coming Up this Week

Blog posted On June 21, 2021

Last week, the Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate near zero. The move caused some market volatility, likely due to the FOMC’s discussion of tapering and rising rates. With the economy’s current pace of recovery and inflation, the FOMC predicted that we will see at least two interest rate hikes in 2023. Before last week’s meeting. the rate liftoff was set for 2024. As for their bond-buying program, they still plan to keep purchasing assets at the current pace until the labor market and inflation show substantial and sustained progress. But they did mention the idea of tapering, which is likely what sparked the movement in the 10-year Treasury yield and mortgage rates. Mortgage rates could see more movement this week after the release of the existing home sales report and new home sales on Tuesday and Wednesday, respectively.

Market Update: Rates Fall, Housing Market Index, FOMC Meeting, Housing Starts and Building Permits

Blog posted On June 14, 2021

Last week, mortgage rates trended downward after the 10-year Treasury yields dropped to some of their lowest levels since May 7. Though Treasury yields don’t directly influence mortgage rates, they often trend in similar directions. When longer-dated Treasury yields (like the 10-year yield) gain strength, mortgage bonds tend to benefit as well – pushing rates lower. This week, the Federal Open Market Committee (FOMC) will be meeting on Tuesday and Wednesday to discuss the benchmark interest rate, currently set near zero. In other important market-moving news, the National Association of Home Builders (NAHB) will be releasing their housing market sentiment index on Tuesday. Housing starts and building permits are scheduled for release on Wednesday.

Market Update: Rates Unchanged, Job Openings Scheduled for Release

Blog posted On June 07, 2021

Mortgage rates remained relatively unchanged last week and continued to hover near historic lows. Bond market volatility sent them slightly higher in the middle of the week, but with Friday’s employment situation, they trended lower again. Most of the reports in the employment situation were much lower than expected by economists. Consequently, “stock market futures actually rose, with investors continuing to bet that the measured pace of job gains would keep the Federal Reserve from raising interest rates and tightening monetary policy,” wrote Jeff Cox, Finance Editor for CNBC. The jobs report was a good check-in with the economy’s recovery, which is a key factor for the Fed to raise rates. With the economy’s job growth at a slower-than-expected pace, it’s unlikely the Fed will raise rates just yet. However, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) is scheduled for release this Tuesday, which will be another important rate-influencing report.

Market Update: Rates Drop, Construction Spending, and the Employment Situation

Blog posted On May 31, 2021

In the beginning of last week, mortgage rates trended downward to some of the lowest levels since the beginning of May. Towards the end of the week, they inched up due to a weakened bond market, but continue to remain historically low. According to Mortgage News Daily, these upward rate “moves aren't extreme in the bigger picture.” Some claim that Biden’s plan to propose a $6 trillion budget had an effect on the market. Another cause could be the core PCE index, which showed an increase of 3.1% that surged past the Federal Reserve’s 2% goal.

Market Update: Rates Inch Upward, Case-Shiller Home Price Index, New Home Sales, Pending Home Sales

Blog posted On May 24, 2021

Last week, mortgage rates saw a slight upward trend. The bond market took a turn on Wednesday after a scheduled treasury auction, but the bigger rate factor was the Fed’s policy meeting minutes on Wednesday afternoon. The minutes showed that the Fed was debating tapering soon. This means that they will gradually reduce the amount of bond purchases they make until it reaches zero. Historically, mortgage rates tend to move up when the Fed tapers their bond purchases. In 2013, rates spiked abruptly in reaction to the Fed’s taper discussion. However, this year is different because of the pandemic’s effect on the economy. The Fed is still looking for further economic recovery before they taper, and even when they do, it will be gradual.

How Long Will High Lumber Prices Last?

Blog posted On May 18, 2021

Lumber prices have been surging to record highs over the past few weeks. One year ago, random-length lumber futures were around $340, according to Nasdaq. Two weeks ago, they hit an all-time high of $1,670. If they continue to rise, construction projects could be significantly delayed, the housing shortage could worsen, and home prices could climb even higher than they already are. Many people are wondering “how did lumber prices get here?”  An even more important question might be, “how (and when) will they drop?”

Market Update: Rates Move Higher, Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On May 17, 2021

Mortgage rates trended slightly higher last week after hitting a two-month low the week before. The Job Openings and Labor Turnover Survey (JOLTS) revealed a record high number of job openings and the consumer price index (CPI) showed the highest year-over-year increase in 13 years – both strong signs of the economy’s continued recovery. When the economy is stronger, rates may trend higher. However, the Federal Reserve is unconcerned by the CPI’s high year-over-year inflation jump due to its distorted comparison to last year’s pandemic lows. Until inflation is consistently averaging at around 2%, the Fed has said that it will keep the benchmark interest rate near zero.

Market Update: Rates Unchanged, Job Openings, and Mortgage Applications

Blog posted On May 10, 2021

Last week, mortgage rates remained relatively unchanged, continuing to trend near historic lows. Early in the week, the bond yields fell due to stocks losing ground. Mortgage rates typically follow the momentum of the bond market, so they hovered near their current lows. Later in the week, several employment reports were expected to have an impact on rates. ADP employment was increasingly positive but the employment situation reports were mixed. Though a couple of the reports saw higher-than-expected increases (average hourly earnings, average weekly hours), others fell below expectations (manufacturing payrolls, nonfarm payrolls, private nonfarm payrolls, and the unemployment rate). Consequently, rates didn’t see much movement and remained low.

Market Update: No Rate Hike, Construction Spending, and the Weekly Mortgage Application Survey

Blog posted On May 03, 2021

Last week, the Federal Open Market Committee voted to leave interest rates unchanged, but predicted economic growth and inflation would accelerate in the coming months.  Mortgage rates remained relatively unchanged, and as a result are in a still historically low range. The cooling of rates has been much needed after consistent climbs throughout February and March. However, there’s a certain risk factor to the downward trend we’ve been witnessing for the past several weeks. Either rates could continue making insignificant fluctuations, or we could see a “reinvigoration of 2021’s rising rate trends,” said contributors at Mortgage News Daily.

Market Recap: Home Prices Appreciate, Fed Leaves Rates Unchanged, and Pending Sales Rise

Blog posted On April 30, 2021

This week, the Federal Open Market Committee (FOMC) announced that the benchmark interest rate would remain near zero. This marks over one year since the Fed pushed rates down due to the coronavirus pandemic. As a result, mortgage rates remained relatively unchanged. For right now they’re still trending in a historically low range, and the market doesn’t show many indicators of that changing soon.

Market Forecast: Case-Shiller Home Price Index, FOMC Meeting, and Pending Home Sales

Blog posted On April 26, 2021

Last week, mortgage rates trended downward to reach some of the lowest levels in almost two months. The bond market showed renewed signs of strength and most mortgage lenders adjusted their pricing accordingly. The Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday of this week to assess the benchmark interest rate and determine if it needs to be adjusted. Right now, the benchmark rate sits near zero. Federal Reserve Chairman Jerome Powell will give a press conference on Wednesday afternoon. Prior to the decision, the Case-Shiller home price index will be released on Tuesday. The pending home sales index comes out on Thursday. 

Market Recap: Mortgage Applications Jump, Existing Home Sales Decline, News Home Sales Surge

Blog posted On April 23, 2021

Mortgage rates fell this week, trending near lowest levels since the beginning of March. The bond market was “fairly stable,” according to Mortgage News Daily. Yesterday, the proposed increase in capital gains tax rates pushed bond yields down. Consequently, many lenders reported drops in mortgage rates as well.

Market Forecast: Mortgage Applications, Existing Home Sales, New Home Sales

Blog posted On April 19, 2021

Mortgage rates have seen a steady downward trend over the past couple of weeks, hitting some of their lowest levels in nearly a month. COVID-19 and mortgage rates have generally been conversely related. When COVID cases have spiked, rates have dropped lower. Therefore, as the economy recovers from the pandemic, we will likely see higher rates. If case counts rise and variants spread, then rates might hold or even drop further.

Market Recap: Mortgage Applications Decline, Home Builder Sentiment Improves, Housing Starts and Building Permits Jump

Blog posted On April 16, 2021

This week, mortgage rates trended near some of their lowest levels in almost a month. After weeks of steady increases, rates are finally falling at a consistent pace. “The drop in rates creates yet another opportunity for those who have not refinanced to take a look at the possibility,” said Sam Khater, chief economist at Freddie Mac. In other market news, mortgage application submissions declined once again. Home builder sentiment improved, despite record high lumber prices. Housing starts jumped to their highest level in years and building permits rose as well.

Market Forecast: Mortgage Applications, Housing Market Index, Housing Starts and Building Permits

Blog posted On April 12, 2021

Last week, mortgage rates trended downward and hit their lowest point since the beginning of March. The bond market remained stable and bond yields have remained below important ceilings since mid-March. Coming up this week in housing news, the weekly mortgage application survey will be released on Wednesday morning, followed by the housing market index on Thursday and housing starts and building permits on Friday.

Market Recap: Job Openings Surge, Mortgage Applications Fall, Consumer Credit Increases

Blog posted On April 09, 2021

Mortgage rates trended downward this week as the bond market remained relatively strong. According to Mortgage News Daily, bond yields “have remained under important ceilings since March 18th despite numerous attempts at a breakout.” Bond yields, specifically the 10-year treasury yields, are important indicators of any shifts in rate momentum. “Evidence for a supportive shift in the rate environment is beginning to mount,” wrote Mortgage News contributors.

Market Forecast: Job Openings, Mortgage Applications, and Consumer Credit

Blog posted On April 05, 2021

Mortgage rates trended higher last week. On Tuesday, Mortgage Daily News reported net gains that pushed rates near some of their highest levels in a year.  However, with the bond market recovery on Tuesday afternoon and the reprices that followed, rates dropped slightly in the latter half of the week. This week, the Labor Department will release their Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. The weekly mortgage application survey will be released Wednesday morning, followed by the report on consumer credit that afternoon.