This week is packed with economic reports and other events that are relevant to bond trading and mortgage rates. There are seven pieces of monthly or quarterly economic data scheduled with at least one being posted four of five days. In addition to those reports, there is also a two-day FOMC meeting and a couple of Treasury auctions that have the potential to affect bond trading enough to slightly move rates.
The week’s calendar kicks off with December's New Home Sales report late tomorrow morning. It is considered to be the sister release to last week's Existing Home Sales, giving us a small snapshot of housing sector strength. It tracks a much smaller portion of home sales than last week's report did and is forecasted to show a decline in sales of newly constructed homes. However, this data is not important enough to heavily influence mortgage pricing unless it varies greatly from forecasts.
At this point I am suggesting to float your rate until tomorrow. Wednesday is the FED meeting which could have a huge impact so stay focused.
No comments:
Post a Comment