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Bond Market Update

Market Update

Friday, March 16, 2018

What's going on and why does it matter?
Mortgage bonds are continuing to drift sideways as they run into stiff technical resistance at their 30-day moving average. As for the economic news today, housing permits and housing starts came out slightly lower than market expectations, but the numbers were still strong. Later today the market will be digesting the University of Michigan consumer sentiment numbers and the JOLTS job openings report. The market's attention will then turn to next week's Federal Reserve meeting, which will include an interest rate decision, a monetary policy statement, and Fed Chair Powell's first post-meeting press conference. The Fed's mortgage bond buying activity today is limited to $335 million of 15-year conventional mortgage bonds. 

What should you do about it?
Lock your rate to be safe.

Economic Calendar

Economic reports that may impact mortgage rates this week:

Date Report Period Prior Est. Actual
Tue 13 Mar Core CPI Feb 0.3% 0.2% 0.2%
Wed 14 Mar PPI final demand Feb 0.4% 0.1% 0.2%
Wed 14 Mar Retail Sales Feb -0.3% 0.3% -0.1%
Wed 14 Mar Business Inventories Jan 0.4% 0.6% 0.6%
Thu 15 Mar NY Fed Mfg Index Mar 13.1 15.0 22.5
Thu 15 Mar Initial Jobless Claims Week of Mar 5 231k 226k 226k
Fri 16 Mar Building Permits Feb 1.377M 1.32M 1.298M
Fri 16 Mar Housing Starts Feb 1.326M 1.29M 1.236M
Fri 16 Mar Industrial Production Feb -0.1% 0.3%  1.1%
Fri 16 Mar JOLTS Job Openings Jan 5.811M 5.89M  6.31M
Fri 16 Mar U of Mich Consumer Sent. Mar 99.7 99.3  102.2

Daniel Jackson

Daniel Jackson
NMLS Number: 169485
Nova Home Loans
Corporate NMLS Number: 3087
(928) 726-7266
454 W Catalina Dr
Yuma, Arizona 85364