From Matthew Graham at Mortgage News Daily: Mortgage Rates Roughly Unchanged After Last Week’s Huge DropIf you’re just getting caught up, last Thursday was one for the record books–at least when it comes to the daily records that exist going back to 2009. No other day has seen as big of a drop in the average 30yr fixed mortgage rate (0.60%).
The bonds that dictate mortgage rates lost quite a bit of ground today, but that didn’t translate to any meaningful damage. This speaks to the ‘uncertainty premium’ that oftentimes prevents lenders from dropping rates as much as the market might suggest at the end of any given week. It’s usually more noticeable before 3-day weekends, but was easily lost in the shuffle given the scope of the movement. … [30 year fixed 6.65%]
• At 8:30 AM ET, The Producer Price Index for October from the BLS. The consensus is for a 0.5% increase in PPI, and a 0.4% increase in core PPI.
• Also, at 8:30 AM, The New York Fed Empire State manufacturing survey for November. The consensus is for a reading of -7.0, up from -9.1.
• At 11:00 AM: NY Fed, Q3 Quarterly Report on Household Debt and Credit