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Lake Tahoe Mortgage Rate Trends- June 29, 2015

Monday’s bond market has opened up sharply due to weekend events regarding Greece’s potential financial collapse. The stock markets are posting sizable losses due to the same news, pushing the Dow lower by 154 points and the Nasdaq down 50 points. The bond market is currently up 24/32 (2.38%), which should improve this morning’s mortgage rates by approximately .250 of a discount point from Friday’s morning pricing.

There is nothing in terms of relevant economic data being posted today. All of today’s movement in the financial markets can be attributed to news from Greece that makes it appear a default on their debt payment due tomorrow is highly likely. It is also widely expected that a default will lead to them being removed from the euro currency system and have an impact on the regional economies, possibly affecting global economic growth. That is why we are seeing stocks suffer this morning and bonds rally. Look for this situation to be in the forefront the next couple days, but be careful because any hint of a resolution can quickly erase this morning’s bond gains.

The remainder of this holiday-shortened week has five pieces of relevant economic data that may influence mortgage rates. Two of them are considered to be highly important to the markets. The Independence Day holiday will alter our trading hours at the end of the week and the traditional posting day for some data.

Tomorrow has one of this reports scheduled. June’s Consumer Confidence Index (CCI) will start the week’s economic calendar at 10:00 AM ET tomorrow. This data is relevant to the financial markets because it measures consumer willingness to spend. If consumers are more confident about their own financial and employment situations, they are more apt to make large purchases in the near future, fueling economic growth. If it shows a sizable increase in confidence from last month, we can expect to see a negative reaction in bonds and mortgage rates. Current forecasts are calling for a reading of 97.5, up from last month’s 95.4 reading. The lower the reading, the better the news it is for bonds and mortgage rates.

The U.S. financial and mortgage markets will be closed Friday in observance of the Independence Day holiday. The bond market will also close early Thursday afternoon ahead of the holiday and will reopen Monday morning for regular trading hours. We could see bond traders sell some holdings before the 2:00 PM ET close to protect themselves over the holiday, which raises the possibility of seeing an upward revision to mortgage rates Thursday afternoon. This is especially true if the Employment report shows significant surprises.

Overall, I am expecting to see another active week for the financial markets and mortgage rates. The most important day of the week is Thursday due to the Employment data and early closing, but today and tomorrow are going to be quite interesting as the Greece issue plays out. Because of the importance of some of this week’s data and the volatile Greece situation, I strongly recommend maintaining contact with your mortgage professional if still floating an interest rate and closing in the near future.

Lake Tahoe Mortgage Rate Trends- June 28, 2015

This holiday-shortened week brings us the release of five pieces of relevant economic data that may influence mortgage rates, but two of them are considered to be highly important. We also have the Greece financial drama coming to a climax with Tuesday’s deadline for an agreement looking unattainable at this point. In addition, the Independence Day holiday will alter our trading hours at the end of the week. There is nothing of importance set for tomorrow, so expect Greek headlines to be the biggest contributor of changes in bond prices and mortgage rates.

June’s Consumer Confidence Index (CCI) will start the week’s economic calendar late Tuesday morning. This data is relevant to the financial markets because it measures consumer willingness to spend. If consumers are more confident about their own financial and employment situations, they are more apt to make large purchases in the near future, fueling economic growth. If it shows a sizable increase in confidence from last month, we can expect to see a negative reaction in bonds and mortgage rates. Current forecasts are calling for a reading of 97.5, up from last month’s 95.4 reading. The lower the reading, the better the news it is for bonds and mortgage rates.

Wednesday has two pieces of data that will likely affect rates. The first is the ADP Employment report before the markets open Wednesday morning, which has the potential to cause some movement in the markets if it shows much stronger or weaker numbers. This report tracks changes in private-sector jobs of the company’s clients that use them for payroll processing. While it does draw attention, it is my opinion that it is overrated and is not a true reflection of the broader employment picture. It also is not very accurate in predicting results of the monthly government report that follows a couple days later. Still, because we sometimes see a noticeable reaction to the report, it is on this week’s calendar. It is expected to show 220,000 new payrolls. Ideally, the bond market would prefer to see a much smaller increase.

The Institute of Supply Management (ISM) will post their manufacturing index for June at 10:00 AM ET Wednesday morning. This index measures manufacturer sentiment by surveying trade executives on current business conditions. May’s reading that was posted last month came in at 52.8. A reading above 50 means that more surveyed executives felt business improved during the month than those who felt it had worsened. Analysts are expecting a reading of 53.2, indicating slight improvement in manufacturer sentiment. Good news for the bond market and mortgage rates would be a decline in the index, signaling worsening conditions in the manufacturing sector. This is one of the week’s two key reports that are watched closely because it is the first piece of data that tracks the previous month’s activity.

Thursday has the final two pieces of economic data. The Labor Department will post June’s unemployment rate, number of new payrolls added or lost and average hourly earnings at 8:30 Am ET Thursday morning. These are considered to be very important readings of the employment sector and can have a huge impact on the financial markets. The best scenario for the bond market is rising unemployment, a decline in payrolls and no change in earnings. Weaker than expected readings would raise concerns about sustainable economic growth and likely help boost bond prices, lowering mortgage rates Thursday. However, stronger than expected readings could be extremely detrimental to mortgage pricing as it would help support the theory that the weakness we saw earlier this year is well behind us. Analysts are expecting to see the unemployment rate slip from 5.5% to 5.4% with 230,000 jobs added and a 0.2% rise in earnings.

May’s Factory Orders that is similar to the Durable Goods Orders report that was released last week will be posted at 10:00 AM ET Thursday. The biggest difference is that this week’s report covers both durable and non-durable goods. It usually doesn’t have as much of an impact on the bond market as the durable goods data does, but can lead to changes in mortgage pricing if it varies greatly from forecasts. Current expectations are showing a 0.2% increase in new orders from April’s level, pointing towards slight strength in the sector. A decline in orders would be considered good news for the bond market, but because it follows the almighty Employment report I suspect this data will have little impact on mortgage rates.

The U.S. financial and mortgage markets will be closed Friday in observance of the Independence Day holiday. The bond market will also close early Thursday afternoon ahead of the holiday and will reopen Monday morning for regular trading hours. We could see bond traders sell some holdings before the 2:00 PM ET close to protect themselves over the holiday, which raises the possibility of seeing an upward revision to mortgage rates Thursday afternoon. This is especially true if the Employment report shows significant surprises.

Overall, I am expecting to see another active week for the financial markets and mortgage rates. The most important day of the week is Thursday due to the Employment data and early closing, but tomorrow and Tuesday are going to be quite interesting as the Greece issue plays out. We should see a large move in rates tomorrow due to the breakdown this weekend. The fact that a Greek default on their debt is looking more likely is actually good news for our bonds because the fallout from it and Greece leaving the Euro currency is expected to have economic consequences in the region. Due to these reasons I strongly recommend maintaining contact with your mortgage professional if still floating an interest rate and closing in the near future.

Lake Tahoe Mortgage Rate Trends- June 26, 2015

Friday’s bond market has opened in negative territory as the overall negative tone in bonds continues. Stocks are not helping bonds this morning either with the Dow up 94 points and the Nasdaq down 8 points. The bond market is currently down 12/32 (2.45%), which should push this morning’s mortgage rates higher by approximately .250 of a discount point.

Yesterday’s 7-year Treasury Note auction was not any better than Wednesday’s 5-year Note sale with several benchmarks that we use to gauge investor interest in the securities showing lackluster demand. Despite this news, the bond market actually improved a little late yesterday. That move wasn’t enough to cause widespread rate improvements but some lenders did likely revise rates slightly lower during afternoon trading. Therefore, just how much of an increase you will see in this morning’s rates depends a lot on whether or not your lender made an adjustment Thursday afternoon.

Today’s only relevant economic data came late this morning when the University of Michigan’s revised Index of Consumer Sentiment for May was posted. It showed a reading of 96.1 that was an upward revision from the preliminary reading two weeks ago and was higher than forecasts. Analysts were expecting it to remain at 94.6, indicating that surveyed consumers were more optimistic about their own financial and employment situations than many had thought. That makes the data bad news for bonds and mortgage rates because rising confidence levels usually means consumers are more apt to spend money, fueling economic growth.

Next week does not have a large number of economic reports scheduled for release, but some of what is being posted is highly important to the financial and mortgage markets. In addition, it will be a holiday-shortened week with an early close and full day closure for the bond market in observance of the Independence Day holiday. Look for details on next week’s activities and the holiday trading schedule in Sunday evening’s weekly preview.

Lake Tahoe Mortgage Rate Trends- June 25, 2015

Thursday’s bond market has opened in negative territory with stocks opening in positive ground and unfavorable economic data being released. Stocks are fairly calm but showing minor gains. The Dow is currently up 20 points while the Nasdaq has gained 5 points. The bond market is currently down 6/32 (2.39%), but due to some strength late yesterday, we should see this morning’s mortgages rates remain at yesterday’s early pricing.

The first of this morning’s two reports was last week’s unemployment numbers at 8:30 AM ET. It showed that 271,000 new claims for unemployment benefits were filed last week, up from the previous week’s revised total of 268,000. This matched forecasts and has not had an impact on today’s trading or mortgage rates. The increase is a favorable sign because rising claims indicates a softening employment sector. However, it was expected and this data is considered to be of low importance unless it shows a significant variance from forecasts.

Also at 8:30 AM was May’s Personal Income and Outlays data that showed personal income rose 0.5% and a 0.9% increase in spending. Both readings exceeded forecasts, particularly the spending reading. Analysts were expecting to see a 0.4% rise in come and a 0.7% increase in spending. This means that consumers had more money to spend and spent more than many in the markets had thought. Because consumer spending makes up approximately 70% of our economy, this is bad news for the bond and mortgage markets.

Later today we will be watching the results of the 7-year Treasury Note auction. Yesterday’s 5-year Note sale didn’t go very well with several of the benchmarks used to gauge investor demand showing a weak level of interest. Therefore, we shouldn’t have high expectations for today’s auction. Results will be posted at 1:00 PM ET, so any reaction will come during early afternoon trading. Another weak sale could lead to a small afternoon increase in rates.

The University of Michigan will close out this week’s data late tomorrow morning with their updated Index of Consumer Sentiment for May. This index gives us a measurement of consumer willingness to spend. If consumers are more comfortable with their own financial and employment situations, they are more apt to make large purchases in the near future, fueling economic growth. Accordingly, any consumer spending related data has the potential to affect bond trading and mortgage rates. A downward revision would be considered good news for bonds and rates, but forecasts are calling for little change from this month’s preliminary reading of 94.6.

Lake Tahoe Mortgage Rate Trends- June 24, 2015

Wednesday’s bond market has opened in positive territory as questions arise again about the Greek bailout program. The major stock indexes are showing losses as a result, pushing the Dow lower by 62 points and the Nasdaq down 7 points. The bond market is currently up 5/32 (2.39%), but I am not expecting to see much of a change in this morning’s rates if comparing to Tuesday’s early pricing. Bonds improved during early afternoon trading yesterday before weakening as the day came to a close. When coupled with this morning’s improvement, I believe we should be right back to where we were yesterday morning.

The final reading to the 1st Quarter Gross Domestic Product (GDP) was posted at 8:30 AM ET this morning. It showed that the economy contracted at a 0.2% annual rate last quarter. This was better than the 0.7% that the first revision showed but matched forecasts. The lack of a significant surprise and the fact that the report tracks activity from nearly 4 -6 months ago has prevented the news from affecting this morning’s rates.

We also have the first of this week’s two Treasury auctions that are potentially influential on mortgage rates. These sales may affect broader bond trading enough to cause a change in mortgage rates if they show strong or weak investor demand. If the sale was met with a strong demand from investors, we could see bond prices rise during afternoon trading today. This could lead to improvements in mortgage rates also. However, if the sales draw a lackluster interest from investors, mortgage rates may move higher later today.

Besides the 7-year Treasury Note auction, tomorrow also has two pieces of economic data that may have an impact on mortgage rates. The first is last week’s unemployment numbers that are expected to show 271,000 new claims for unemployment benefits were filed last week. This would be an increase from the previous week’s 267,000 initial claims, indicating the employment sector softened slightly last week. Since rising claims hints at a weakening employment sector, the larger the number the better the news it is for mortgage rates. Although, it is worth noting that because this is only a weekly snapshot, it usually takes a surprise increase or decline for the report to noticeably affect rates.

May’s Personal Income and Outlays data will also be posted at 8:30 AM ET. This report gives us an indication of consumer ability to spend and current spending activity. They are important because consumer spending makes up over two-thirds of the U.S. economy. If consumer income is rising, they have more money to spend each month. Analysts are expecting to see an increase of 0.4% in income and a 0.7% rise in the spending portion of the report. Smaller increase in both of these readings would be considered good news for the bond market and mortgage rates.

Lake Tahoe Mortgage Rate Trends- June 23, 2015

Tuesday’s bond market has opened in negative territory again, extending yesterday’s sell-off. The stock markets are showing moderate gains with the Dow up 67 points and the Nasdaq up 2 points. The bond market is currently down 11/32 (2.41%), which will likely push this morning’s mortgage rates higher by approximately .375 of a discount point if comparing to Monday’s morning pricing. Bonds lost more ground yesterday afternoon, causing most lenders to revise rates upward late yesterday. Just how much of an increase you will see this morning depends on how much of a revision your lender made yesterday afternoon.

The Commerce Department gave us May’s Durable Goods Orders early this morning. They showed that new orders for big-ticket items fell 1.8% last month. This was a larger decline than the 0.5% that expected, indicating manufacturing sector weakness. However, this particular report is known for its volatility from month to month, so the variance isn’t drawing as much attention as it would have in many other reports. In fact, a secondary reading that excludes more volatile and pricey transportation/airplane orders fell just shy of forecasts. Still, we can consider this news favorable for bonds and mortgage rates. Unfortunately though, it wasn’t nearly enough to offset the current overall negative tone in the bond market.

May’s New Home Sales figures were posted at 10:00 AM ET today, revealing a 2.2% increase in sales of newly constructed homes. Analysts were expecting to see a slightly smaller increase, meaning the new home portion of the housing sector was also stronger than many had thought. That follows yesterday’s Existing Home Sales report that also exceeded expectations. This is a relatively minor report and has had little influence on this morning’s bond trading and mortgage pricing.

There is only one report worth addressing tomorrow. That would be the final reading to the 1st Quarter Gross Domestic Product (GDP) at 8:30 AM ET. The GDP is the sum of all products and services produced in the U.S. and is considered to be the best measurement of economic growth or contraction. However, this particular data is quite aged now (covers January through March) and will likely have little impact on the bond market or mortgage pricing unless it varies greatly from previous readings. Market participants are looking more towards next month’s release of the current quarter’s initial GDP reading. Last month’s first revision showed a 0.7% annual rate of decline in the GDP. That was a larger contraction than many were expecting to see. Tomorrow’s update is expected to show a 0.2% decline, meaning the economy did contract during the quarter but at a slower pace than previously thought. An increase in the GDP would be considered negative for rates as it means stronger economic activity.

Also tomorrow is the first of this week’s two Treasury auctions that we will be watching. These sales may influence broader bond trading enough to affect mortgage rates if they show strong or weak investor demand. There are auctions several days this week but the two most likely to affect rates are tomorrow’s 5-year Note sale and Thursday’s 7-year Note auction. If they are met with a strong demand, we could see bond prices rise during afternoon trading. This could lead to afternoon improvements to mortgage rates also. But, if the sales draw a lackluster interest from investors, mortgage rates may move higher during afternoon trading these days.

Lake Tahoe Mortgage Rate Trends- June 22, 2015

Monday’s bond market has opened down sharply to start the week. Stocks are in a much better mood with the Dow up 128 points and the Nasdaq up 36 points. The bond market is currently down 24/32 (2.34%), which will likely push this morning’s mortgage rates higher by approximately .250 – .375 of a discount point.

The National Association of Realtors kicked off this week’s calendar by posting May’s Existing Home Sales figures late this morning. They announced that home resales rose 5.1% last month, exceeding forecasts of a smaller increase. This indicates that the housing sector was stronger than many had thought, making the data negative for bonds and mortgage rates.

As mentioned in Friday’s commentary, the end of week rally in bonds looked awful suspicious and unfounded. We are seeing in this morning’s trading that Friday’s move was more of a fool’s rally than the beginning of downward trend in yields and mortgage rates. The bond market is reacting to several things this morning including rumors out of Greece and today’s moderately important economic news. Strong stock gains aren’t helping bonds either today. Unfortunately, if the benchmark 10-year Treasury Note yield breaks above 2.35% and closes there, we could see over 2.40% pretty quickly. That is bad news for mortgage shoppers because mortgage rates tend to track bond yields.

Tomorrow is likely to be an active day for rates also with two more reports scheduled for release, including the most important one of the week. This would be May’s Durable Goods Orders from the Commerce Department at 8:30 AM ET, giving us an indication of manufacturing sector strength. It tracks orders at U.S. factories for big-ticket items, or products that are expected to last three or more years such as electronics, appliances and airplanes. This data is known to be quite volatile from month to month and is expected to show a decline of 0.5% in new orders from April to May. A large decline would be the ideal scenario for the bond market and would hopefully lead to a decline in mortgage pricing as it would indicate manufacturing sector weakness.

May’s New Home Sales report will be released at 10:00 AM ET tomorrow. It helps us measure housing sector strength by tracking sales of newly constructed homes. This report is similar to tomorrow’s Existing Home Sales report, but covers a much smaller portion of sales than that report does. It is expected to show a small increase in sales, but will likely not have much of an impact on mortgage rates because this data gives such a small snapshot of the housing sector. I believe it will take a large rise in sales or a sizable decline for this data to influence mortgage rates.

Overall, no day stands out as an easy choice for most important. We could see rates change noticeably multiple days this week. The single most important report is tomorrow’s Durable Goods but Thursday’s income and spending data is going to draw quite a bit of attention also. The calmest day will probably be Wednesday unless something unexpected happens. However, as we are seeing this morning, the markets can get volatile at any time. Therefore, please proceed cautiously if still floating an interest rate and closing in the near future.

Lake Tahoe Mortgage Rate Trends- June 21, 2015

This week brings us the release of six economic reports for the markets to digest in addition to two Treasury auctions that have the potential to come into play. The first of this week’s events takes place late tomorrow morning when the National Association of Realtors posts May’s Existing Home Sales. This report tracks resales of existing homes, giving us a measurement of housing sector strength. It is considered to be moderately important to the markets, but can influence mortgage rates if it shows a sizable difference between forecasts and actual results. Analysts are currently expecting to see an increase in sales, pointing towards a strengthening housing sector. That would be bad news for the bond market and mortgage rates. A weaker housing sector makes overall economic growth more difficult, so a sizable decline would be ideal for the bond market and mortgage shoppers.

Tuesday has two reports scheduled for release, one of which is the most important report of the week. This would be May’s Durable Goods Orders from the Commerce Department early morning, giving us an indication of manufacturing sector strength. It tracks orders at U.S. factories for big-ticket items, or products that are expected to last three or more years such as electronics, appliances and airplanes. This data is known to be quite volatile from month to month and is expected to show a decline of 0.5% in new orders from April to May. A large decline would be the ideal scenario for the bond market and would hopefully lead to a decline in mortgage pricing as it would indicate manufacturing sector weakness.

May’s New Home Sales report will also be released Tuesday, but during late morning trading. It helps us measure housing sector strength by tracking sales of newly constructed homes. This report is similar to tomorrow’s Existing Home Sales report, but covers a much smaller portion of sales than that report does. It is expected to show a small increase in sales, but will likely not have much of an impact on mortgage rates because this data gives such a small snapshot of the housing sector. I believe it will take a large rise in sales or a sizable decline for this data to influence mortgage rates.

Wednesday’s only economic data is the final reading to the 1st Quarter Gross Domestic Product (GDP). The GDP is the sum of all products and services produced in the U.S. and is considered to be the best measurement of economic growth or contraction. However, this particular data is quite aged now (covers January through March) and will likely have little impact on the bond market or mortgage pricing unless it varies greatly from previous readings. Market participants are looking more towards next month’s release of the current quarter’s initial GDP reading. Last month’s first revision showed a 0.7% annual rate decline in the GDP. That was a larger contraction than many had were expecting to see. Wednesday’s update is expected to show a 0.2% decline, meaning the economy did contract during the quarter but at a slower pace than previously thought. An increase in the GDP would be considered negative for rates as it means stronger economic activity.

May’s Personal Income and Outlays data is scheduled for release Thursday at 8:30 AM ET. This report gives us an indication of consumer ability to spend and current spending activity. They are important because consumer spending makes up over two-thirds of the U.S. economy. If consumer income is rising, they have more money to spend each month. Analysts are expecting to see an increase of 0.5% in income and a 0.7% rise in the spending portion of the report. Smaller increase in both of these readings would be considered good news for the bond market and mortgage rates.

The University of Michigan will close out this week’s data when they update their Index of Consumer Sentiment for May late Friday morning. This index gives us a measurement of consumer willingness to spend. If consumers are more comfortable with their own financial and employment situations, they are more apt to make large purchases in the near future, fueling economic growth. Accordingly, any consumer spending related data has the potential to affect bond trading and mortgage rates. A downward revision would be considered good news for bonds and rates, but forecasts are calling for little change from this month’s preliminary reading of 94.6.

Also worth noting is the fact that the Fed will be selling more debt this week. These sales may influence broader bond trading enough to affect mortgage rates if they show strong or weak investor demand. There are sales every day except Friday but the two most likely to affect rates are Wednesday’s 5-year Note sale and Thursday’s 7-year Note auction. If they are met with a strong demand, we could see bond prices rise during afternoon trading. This could lead to afternoon improvements to mortgage rates also. But, if the sales draw a lackluster interest from investors, mortgage rates may move higher during afternoon trading those days.

Overall, no day stands out as an easy choice for most important. We could see rates change noticeably multiple days this week. The single most important report is Tuesday’s Durable Goods but Thursday’s income and spending data is going to draw quite a bit of attention also. The calmest day will probably be Wednesday unless something unexpected happens. However, we can see the markets get volatile at any time, especially when other factors can take the spotlight such as stock movement and financial issues overseas, particularly with Greece currently. Therefore, please proceed cautiously if still floating an interest rate and closing in the near future.

Lake Tahoe Mortgage Rate Trends- June 19, 2015

Friday’s bond market has opened well in positive territory despite a lack of relevant economic data. The stock markets are showing minor losses with the Dow down 38 points and the Nasdaq down 13 points. The bond market is currently up 19/32 (2.26%), which should improve this morning’s mortgage rates by approximately .250 of a discount point.

There is nothing of importance being release today that is expected to affect mortgage rates. That creates some confusion about today’s move in my opinion, especially with the benchmark 10-year Treasury Note yield falling below 2.30%. Is this a fool’s rally, only to be reversed next week? Or is this the beginning of sizable downward move in yields and mortgage rates? Time will tell, although I am leaning towards the conservative side on rate direction for the time being. In other words, enjoy today’s rally if you have not locked a rate yet, but proceed very cautiously. It will be a quick move back to 2.35% and above if indeed today’s gains are only temporary.

Next week brings us a handful or economic reports that may have an impact on mortgage rates. None of them are considered key reports or are likely to be a market mover. Some are more important and influential than others though and there is data scheduled each day. There are also a couple of Treasury auctions set for the middle part of the week that have the potential to influence afternoon pricing.

Monday does have data set with the release of May’s Existing Home Sales report. The National Association of Realtors posts this data monthly, giving us a measurement of housing sector strength. Look for details on it and the rest of next week’s activities in Sunday evening’s weekly preview.

Lake Tahoe Mortgage Rate Trends- June 18, 2015

Thursday’s bond market initially opened relatively flat but has since slipped into negative territory. The stock markets are showing solid gains with the Dow up 163 points and the Nasdaq up 52 points. The bond market is currently down 6/32 (2.34%), but we will still see an improvement of approximately .250 of a discount point in this morning’s mortgage rates if comparing to yesterday’s early pricing. All of that improvement can be attributed to strength following Wednesday’s afternoon FOMC events.

May’s Consumer Price Index (CPI) was the first of today’s three economic reports. It showed that the overall CPI reading rose 0.4% while the core data rose 0.1%. Both readings were slightly softer than expectations (0.5% and 0.2%), indicating that inflationary pressures at the consumer level of the economy were not as strong as many had thought. That makes the data good news for bonds and mortgage rates because high levels of inflation causes bonds to be less appealing to investors.

Last week’s unemployment numbers were also posted early this morning. They revealed that 267,000 new claims for unemployment benefits were filed last week. This was a good sized decline from the previous week’s 279,000 initial claims and hints at a strengthening employment sector. Therefore, we should consider this data slightly negative for the bond market and mortgage rates.

The final report of the day and of the week was May’s Leading Economic Indicators (LEI) at 10:00 AM ET. The Conference Board announced a 0.7% rise, meaning the indicators are predicting stronger economic growth over the next several months. Analysts were expecting to see an increase of only 0.4%, so the stronger increase means the data is bad news for mortgage shoppers. Fortunately though, this particular report is not considered to be highly important, minimizing its impact on today’s rates.

There is nothing set for release tomorrow that is expected to influence mortgage rates. There are a couple of Fed member speeches late morning but they are nothing more than typical speaking engagements that have the potential to affect the markets but often cause little reaction. With nothing else to drive trading tomorrow, look for stock movement and these speeches to be the likely cause of any movement in mortgage pricing.