From Matthew Graham at Mortgage News Daily: Mortgage Rates Flat as Markets Get Back to Business
Mortgage rates were almost perfectly unchanged today as markets returned to full force following the extended Thanksgiving break [30YR FIXED – 4.0%]. Bond markets (which dictate mortgage rate momentum) had been consolidating in a narrower and narrower range in the weeks leading up to Thanksgiving. While it’s safe to assume that we’ll see a bigger move in the coming weeks, today didn’t deliver.
The volatility is widely expected to result from the tax reform process. The Senate will begin debate this week, but don’t expect anything conclusive until mid-to-late December. Markets are ready to react to success (which would be bad for rates) or failure (which would be good), and will move in the direction of those results to whatever extent one seems more likely than the other.
Tuesday:
• At 9:00 AM ET, FHFA House Price Index for September 2017. This was originally a GSE only repeat sales, however there is also an expanded index.
• Also at 9:00 AM, S&P/Case-Shiller House Price Index for September. The consensus is for a 6.2% year-over-year increase in the Comp 20 index for September.
• At 9:45 AM, Testimony, Fed Governor Jerome Powell, Nomination Hearing, Committee on Banking, Housing, and Urban Affairs, U.S. Senate
• At 10:00 AM, Richmond Fed Survey of Manufacturing Activity for November. This is the last of the regional surveys for November.