November 13th, 2015 12:51 PM by Jonathan White
Mortgage Market News for the week ending November 13,
President and CEO
Mortgage Broker | NMLS ID: 3443
Blue Door Mortgage, LLC
Newton, MA 02459
trend toward higher mortgage rates paused this week. A shortfall in the
retail sales data and increased expectations for additional stimulus in
Europe were positive for mortgage rates, which ended the week slightly lower.
strong readings over the summer, retail sales, which account for
roughly 70% of economic activity, have been disappointing for the
last three months. In October, retail sales, excluding the volatile
auto component, rose slightly from September, but the consensus was
for a significantly larger increase. This followed declines in both
August and September. Recent strong data on job gains and wage growth
could lead to an improvement in coming months.
data in Europe released over the past week also helped U.S. mortgage
rates. Eurozone GDP growth during the third quarter was below
expectations, mostly due to a decline in exports. This resulted
in increased expectations that the European Central Bank (ECB) will
expand its bond buying program to help boost economic growth. Increased
demand for bonds from the ECB lowers yields around the world, including
U.S. mortgage-backed securities (MBS).
the Consumer Price Index (CPI), the most closely watched monthly
inflation report, will come out on Tuesday. CPI looks at the price
change for finished goods which are sold to consumers. Industrial
Production, an important indicator of economic activity, also will come
out on Tuesday. The Minutes from the October 28 Fed meeting will
be released on Wednesday. These detailed Minutes provide additional
insight into the debate between Fed officials. Housing Starts and the
Philly Fed index will round out the schedule.
Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be
reproduced without permission.
To learn more about the
Mortgage Time newsletter, please contact MBSQuoteline at 800.627.1077 or firstname.lastname@example.org
here. View online: http://www.mbsquoteline.com/newsletter/view/174/6369/0/3