Mortgage rates are primarily driven by bond markets. If people flee the stock market and move money to more conservative investments like bonds rates generally drop. Here is a calendar of what might affect rates this week.
The bond and mortgage markets opened quietly unchanged early this morning with stock indexes slightly lower at 8:30. There are no scheduled economic releases today, and this week has just a few key reports later in the week. The week is dominated by Federal Reserve officials speaking and Janet Yellen testifying at the House and Senate in the semi-annual required testimony by the head of the Fed on monetary policy, the economy and inflation. The Treasury will borrow $70B this week.
At 9:30 the DJIA opened -8, NASDAQ unchanged and S&P -1; 10 yr at 9:30 2.686% about unchanged and 30 yr MBS prices +5 bps frm Friday’s close.
This Week’s Calendar:
Tuesday,
10:00 am Janet Yellen begins testifying at the House Financial Services Committee
Dec JOLTS job openings (N/A)
Dec wholesale inventories (+0.6%)
1:00 pm $30B 3 yr note auction
Wednesday,
7:00 am weekly MBA mortgage applications
1:00 pm $24B 10 yr note auction
2:00 pm Jan Treasury budget ($-$10.0B)
Thursday,
8:30 am weekly jobless claims (-1K to 330K)
Jan retail sales (-0.1%, ex auto sales +0.1%)
10:00 am Dec business inventories (+0.5%)
Janet Yellen at the Senate Banking Committee
1:00 pm $16B 30 yr bond auction
Friday,
8:30 am Jan export prices (+0.1%, import prices -0.1%)
9:15 am Jan industrial production (+0.3%)
Jan capacity utilization (79.4% frm 79.2% in Dec)
9:55 am U. of Michigan Fed mid-month consumer sentiment index (80.0 from 81.2 in Jan)
Have a great week!
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