From Matthew Graham at Mortgage News Daily: Mortgage Rates Moderately Higher to Begin The Week
Mortgage rates have generally been moving higher since the Fed cut rates 2 weeks ago. … While today’s weakness can’t be reduced to a single factor, the primary motivation was a speech from Fed Chair Powell in which he reminded the market that the Fed was not in a hurry to cut rates. The message wasn’t that different from the press conference that followed the Fed rate cut 2 weeks ago, but some market participants were perhaps hoping to see a softer side of Powell. [30 year fixed 6.24%]
emphasis added
Tuesday:
• At 10:00 AM ET, Job Openings and Labor Turnover Survey for August from the BLS.
• Also at 10:00 AM, ISM Manufacturing Index for September. The consensus is for a reading of 47.6, up from 47.2 in August.
• Also at 10:00 AM, Construction Spending for August. The consensus is for a 0.1% increase.
• All day, Light vehicle sales for September. The consensus is for sales of 15.7 million SAAR, up from 15.1 million SAAR in August (Seasonally Adjusted Annual Rate).