Nov 14 Mortgage Market Update Rates Move Upward

Nov 14 Mortgage Market Update Rates Move Upward

Mortgage Market Commentary Courtesy of Caliber Home Loans, Inc.      

Nov 14, 2016

Mortgage rates rose substantially last week on news of the U.S. presidential election. Since the election results, equities have soared and bonds have been crushed as investors have focused on the possibility of lower corporate taxes and an increase in inflation.

We would like to say that the election is behind us and this week will return to market fundamentals, but that is probably not the case. This week will likely be about President-elect Trump's public comments and also those of his Republican party. The week ahead starts off slowly with no notable economic releases scheduled Monday, but three non-voting Fed members speak (Kaplan, Lacker, and Williams). The calendar will be highlighted by the Retail Sales and CPI reports Tuesday and Thursday. There will continue to be a number of Fed speakers throughout the week and Fed Chair Janet Yellen is scheduled to testify on the economic outlook before the Joint Economic Committee on Thursday. Despite the fact that the rates have risen so much in the past week (the yield on the 10yr US Treasury has risen from 1.78% to above 2.10%), Fed funds futures have a 92 percent probability of a rate hike in December.

Economic Calendar for the week of 11/14/2016 to 11/18/2016:

Tuesday: Import Price Index, Empire Manufacturing, Retail Sales and Business Inventories

Wednesday: MBA Mortgage Applications, PPI Final Demand, PPI Ex Food & Energy, Industrial Production, Capacity Utilization and NAHB Housing Market Index

Thursday: Bloomberg Economic Survey, Housing Starts, Building Permits,Consumer Price Index, Continuing Claims, Real Average Weekly Earnings, Philadelphia Fed Business Outlook, and Bloomberg Consumer Comfort Index

Friday: Leading Index and Kansas City Fed Manufacturing Activity

Dean Mlinarich, NML #S155740


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Dated: November 15th 2016
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