From Matthew Graham at Mortgage News Daily: Mortgage Rates Jump Back Near Long-Term Highs
Last week was mostly good for mortgage rates, even if the goodness was made possible in large part by the badness of the previous week. By Friday, rates were 0.15% lower than the previous Friday, on average.
As the new week begins, virtually all of that progress has been erased. In other words, the average lender is now very close to the same rates seen on Friday, October 6th. [30 year fixed 7.80%]
emphasis added
Tuesday:
• At 8:30 AM ET, Retail sales for September will be released. The consensus is for a 0.2% increase in retail sales.
• At 9:15 AM, The Fed will release Industrial Production and Capacity Utilization for September. The consensus is for a 0.1% increase in Industrial Production, and for Capacity Utilization to decrease to 79.6%.
• At 10:00 AM, The October NAHB homebuilder survey. The consensus is for a reading of 44, down from 45 in September. Any number below 50 indicates that more builders view sales conditions as poor than good.