PPI, NY Fed Mfg, Q3 Home Debt & Credit

by Calculated risk on 11/14/2022 08:01:00 PM

From Matthew Graham in Mortgage Daily: Mortgage rates are virtually unchanged after last week’s big drop

If you were just arrested, last Thursday was one for the record books — at least when it comes to the daily records that have been around since 2009. No other day has seen a significant decline in the average 30-year mortgage rate (0.60%).

The bonds that dictate mortgage rates have lost a lot of ground today, but that hasn’t translated into any meaningful harm. This refers to the “uncertainty premium” that often prevents lenders from lowering interest rates as much as the market might suggest at the end of any given week. It’s usually more visible before the 3-day weekends, but is easily lost in the dodge given the range of motion. … [30 year fixed 6.65%]
Confirmations added

• 8:30 a.m. ET, The Producer Price Index for the month of October from BLS. The consensus is a 0.5% increase in the PPI, and a 0.4% increase in the base PPI.

• Also at 8:30 AM, Federal Reserve Bank of New York Empire State Manufacturing Survey for the month of November. The consensus is a reading of -7.0, up from -9.1.

• 11:00 am: Reserve Bank of New York, Q3 Debt and Home Credit Quarterly Report

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *