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Mortgage Market Update for the week of Dec. 1st
There are five pieces of economic news that may affect mortgage rates this week. There are relevant reports scheduled for release every day except for Tuesday, meaning it likely will be a fairly active week for mortgage rates.November's manufacturing index from the Institute for Supply Management (ISM) will kick off the week's data at 10:00 AM ET tomorrow. That is a recessionary sign and could help keep mortgage rates low.The next piece of data that we need to be conce rned with comes Wednesday morning with the release of the revised 3rd Quarter Productivity report. Current forecasts are calling for an annual rate of 0.9%, down from the previous estimate of 1.1%.The Fed Beige Book will be posted Wednesday afternoon. This report, which is named after the color of its cover, details economic conditions by region. It is relied on heavily during the FOMC meetings when determining monetary policy, so it results can influence bond trading and mortgage rates if it shows any significant su rprises.Thursday's only report of the day is October's Factory Orders. Analysts are expecting to see a drop in orders of approximately 2.5%. The Labor Department will post November's Employment report early Friday morning. This is arguably the ... more

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