September 29th, 2014 12:13 PM by Jonathan White
Mortgage Market News for the week ending September 26,
President and CEO
Mortgage Broker | NMLS ID: 3443
Blue Door Mortgage, LLC
Co. NMLS MB2218
20 Walnut Street
Wellesley, MA 02481
between weeks containing the highest level of significant economic
events, investors took a breather this week. In addition, the economic
data released this week contained few surprises. As a result, mortgage
rates ended the week with little change.
week's Fed meeting and next week's European Central Bank (ECB) meeting
and US Employment report, investors have a great deal of information to
digest. This week's news, however, contained little to cause investors to
shift their outlook for the performance of the economy. Durable
Orders, Jobless Claims, and revisions to second quarter GDP all came in
very close to the consensus forecasts. While there were several volatile
sessions during the week, the increases offset the decreases.
data released this week continued to be encouraging. August New Home
Sales jumped 18% from July to the highest level since May 2008.
Existing Home Sales, which include roughly 90% of the market, did
decline slightly in August, but this followed four straight months of
gains. With mortgage rates remaining relatively low, home sales are
near the highest levels of the year.
there will be a European Central Bank (ECB) meeting on Thursday. The
policy announcement from the ECB likely will have an influence on US
mortgage rates. In the US, the important monthly Employment report
will be released on Friday. As usual, this data on the number of jobs,
the Unemployment Rate, and wage inflation will be the most highly
anticipated economic data of the month. Before that, Pending Home Sales, Core
PCE inflation, and Personal Income will be released on Monday. ISM
Manufacturing and ADP Employment Change will come out on Wednesday. ISM
Services, Construction Spending, Chicago PMI Manufacturing, and Consumer
Confidence will round out a busy schedule.
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