What’s going on and why does it matter?
Mortgage bonds opened lower this morning as stocks rally on news that the European Union has extended the Brexit deadline from October 31 to January 31. The economic calendar is quite full this week with several high-tier economic reports scheduled for release, including Friday’s always-important jobs report. The market will also be closely watching as the Fed issues its interest rate decision and monetary policy statement on Wednesday. The Fed is expected to cut short-term rates by 0.25%. This week also includes several high-profile corporate earnings reports, including Alphabet after the close today and Apple on Wednesday. This could add to market volatility.
What should you do about it?
Lock your rate to be safe.
Economic reports that may impact mortgage rates this week:
|Tue 29 Oct||Consumer Confidence||Oct||125.1||127.4|
|Tue 29 Oct||Pending Home Sales Change||Sep||1.6%||0.5%|
|Wed 30 Oct||ADP National Employment||Oct||135k||120k|
|Wed 30 Oct||GDP Advance||Q3 2019||2.0%||1.7%|
|Wed 30 Oct||Core PCE Prices Advance||Q3 2019||1.9%||2.2%|
|Wed 30 Oct||Fed Funds Target Rate||–||2.00%||1.75%|
|Thu 31 Oct||Personal Income||Sep||0.4%||0.3%|
|Thu 31 Oct||Core PCE Price Index||Sep||0.1%||0.1%|
|Thu 31 Oct||Initial Jobless Claims||Week of Oct 21||212k||215k|
|Thu 31 Oct||Chicago PMI||Oct||47.1||48.0|
|Fri 1 Nov||Non-Farm Payrolls||Oct||136k||90k|
|Fri 1 Nov||Unemployment Rate||Oct||3.5%||3.6%|
|Fri 1 Nov||Average Earnings||Oct||0.0%||0.3%|
|Fri 1 Nov||Construction Spending||Sep||0.1%||0.2%|
|Fri 1 Nov||ISM Mfg. PMI||Oct||47.8||48.8|