From Matthew Graham at Mortgage News Daily: Without Conclusive Answers, The Sideways Curse Continues
While it may be blessing for rates to be flatter and more predictable lately, the fact that the sideways range is close to long-term highs feels more like a curse. … Apart from the year-end drift in December and the false start created by strong econ data in February, bonds have spent almost all of their time in the same range for 6 months now. [30 year fixed 6.67%]
emphasis added
Tuesday:
• At 8:30 AM ET, Retail sales for April is scheduled to be released. The consensus is for 0.6% increase in retail sales.
• At 9:15 AM, The Fed will release Industrial Production and Capacity Utilization for April. The consensus is for a 0.1% decrease in Industrial Production, and for Capacity Utilization to decrease to 79.7%.
• At 10:00 AM, The May NAHB homebuilder survey. The consensus is for a reading of 45 unchanged from 45 last month. Any number below 50 indicates that more builders view sales conditions as poor than good.