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Tuesday: Durable Goods, Case-Shiller House Prices
From Matthew Graham at Mortgage News Daily: Mortgage Rates Only Moderately Lower After Tech RoutEven though there is some uncertainty about the near-term Fed rate outlook and even though we have a Fed meeting coming up on Wednesday, today was all about conventional wisdom for interest rates. Tech stocks plummeted on news of a cheap, competent, Chinese AI competitor. ... Whether investors were simply looking for places to park the proceeds from that stock selling or legitimately betting on economic fallout, bond buying ramped up in a major way. The average mortgage lender is now back in line with the lowest levels since late December, but just barely. [30 year fixed 7.07%] emphasis added Tuesday: • At 8:30 AM ET, Durable Goods Orders for December. The consensus is for a 0.8% increase in durable goods. • Also at 9:00 AM, FHFA House Price Index for November. This was originally a GSE only repeat sales, however there is also an expanded index. • At 9:00 AM, S&P/Case-Shiller House Price Index for November. The National Index was up 3.6% YoY in October and is expected to be up about the same in November. • Also at 10:00 AM, Richmond Fed Survey of Manufacturing Activity for January. This is the last of the regional Fed manufacturing surveys for January. • At 10:00 AM, State Employment and Unemployment (Monthly) for December 2024
From Matthew Graham at Mortgage News Daily: Mortgage Rates Only Moderately Lower After Tech RoutEven though there is some uncertainty about the near-term Fed rate outlook and even though we have a Fed meeting coming up on Wednesday, today was all about conventional wisdom for interest rates. Tech stocks plummeted on news of a cheap, competent, Chinese AI competitor. ...Tuesday:
Whether investors were simply looking for places to park the proceeds from that stock selling or legitimately betting on economic fallout, bond buying ramped up in a major way. The average mortgage lender is now back in line with the lowest levels since late December, but just barely. [30 year fixed 7.07%]
emphasis added
• At 8:30 AM ET, Durable Goods Orders for December. The consensus is for a 0.8% increase in durable goods.
• Also at 9:00 AM, FHFA House Price Index for November. This was originally a GSE only repeat sales, however there is also an expanded index.
• At 9:00 AM, S&P/Case-Shiller House Price Index for November. The National Index was up 3.6% YoY in October and is expected to be up about the same in November.
• Also at 10:00 AM, Richmond Fed Survey of Manufacturing Activity for January. This is the last of the regional Fed manufacturing surveys for January.
• At 10:00 AM, State Employment and Unemployment (Monthly) for December 2024
