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Simi Valley Rate Advisory, Home Loans

Monday's bond market has opened up slightly with no relevant economic news scheduled for release today and early stock losses. The stock markets are currently in negative territory with the Dow down 46 points and the Nasdaq down 18 points. The bond market is currently up 5/32, which should improve this morning's mortgage rates slightly.Tomorrow mornin g kicks off this week's economic news with the release of November's Consumer Confidence Index (CCI). The Conference Board will release the CCI at 10:00 AM ET, giving us a measurement of consumer willingness to spend. If consumer confidence is rising, analysts believe that consumers are more apt to make larger purchases, essentially fueling economic growth. This raises inflation concerns and usually pushes mortgage rates higher. Analysts are expecting a sizable drop from last month's 95.6 reading to somewhere around 91.5. A weaker than expected reading should be good news for mortgage rates, but a stronger than expected reading could push mortgage rates higher tomorrow. October's Durable Goods Orders will be posted early Wednesday morning. This data helps us measure manufacturing strength by tracking orders for big-ticket items. It is expected to show no change in new orders from September's levels. A decline would be ... more

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