Updated on November 19, 2018 10:07:45 AM EST
There is nothing scheduled for today that is expected to affect mortgage rates. The rest of this holiday-shortened week has five relevant economic reports for the markets to digest with four coming on a single day. All of them are being posted over just two days, partly due to the Thanksgiving holiday. Therefore, the middle days of the week should be the most interesting for mortgage shoppers.
The week’s calendar starts early tomorrow morning with the release of Octobers Housing Starts. This report gives us an indication of housing sector strength, but usually does not have a noticeable impact on mortgage rates. I dont expect this months version to be any different unless it varies greatly from analysts forecasts. It is expected to show an increase in starts of new homes, meaning the new home portion of the housing sector strengthened a little last month.
The financial markets will be closed Thursday in observance of the Thanksgiving Day holiday. There will not be an early close Wednesday ahead of the holiday, but the stock and bond markets will close early Friday and will reopen next Monday morning. I suspect that Friday will be a very light day in bond trading as many market participants will be home. The same can be said to some degree Wednesday afternoon also.
Overall, I am expecting Wednesday to be the busiest day for the bond market and mortgage rates with four of the weeks releases scheduled, including the most important of the five reports. The calmest day will most likely be Friday as many traders will be home for the long weekend rather than in the office working.
©Mortgage Commentary 2018