From Matthew Graham at Mortgage News Daily: Mortgage Rates Start New Week With Some Hope
Last week wasn’t great for mortgage rates. They moved higher on each of the 5 days. Moreover, there was a distinct lack of logical motivation from the economic data. In fact, on a few occasions, the data argued for lower rates only for things to move in the other direction by the end of the day.
The new week is off to a different start. …
Traders are already assuming the Fed will pencil in a slower pace of rate cuts than they did in the September meeting. Some of the recent rise in rates reflects those trades. [30 year fixed 6.72%]
emphasis added
Tuesday:
• At 9:00 AM ET, FHFA House Price Index for October. This was originally a GSE only repeat sales, however there is also an expanded index.
• Also at 9:00 AM ET: S&P/Case-Shiller House Price Index for October. The consensus is for an 4.1% year-over-year increase in the Composite 20 index for October.