From Matthew Graham at Mortgage News Daily: Reinforcing The Range as Trading Slowly Resumes
Bonds were effectively closed for a 4-day weekend starting with Thanksgiving last Thursday. True, Friday was technically open for half a day, but volume and participation were so light as to make any of the movement questionable. This is typical of any Friday after Thanksgiving.
The following Monday (or “today” in today’s case) tends to be a transitional day with plenty of holiday vibes intact but stronger participation compared to the previous trading session. … [30 year fixed 6.62%]
emphasis added
Tuesday:
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for September. The consensus is for a 14.4% year-over-year increase in the Composite 20 index for September.
• Also at 9:00 AM, FHFA House Price Index for September. This was originally a GSE only repeat sales, however there is also an expanded index. The 2023 Conforming loan limits will also be announced.