Week Ahead – Mortgage rates hope data backlog can fix the mood 📅☹️📊
WEEK AHEAD 🗓️
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Last week saw continued weakness in bonds, nudging mortgage rate prices back to September levels.
The selling pressure was abiding to the inflationary signals we saw from the previous week’s service-sector data, along with the market’s mixed feelings about future rate cuts.
The end of the 43-day government shutdown removes some uncertainty, which doesn’t help bonds either, but this week is packed with market moving data that will hopefully recover the ground lost in recent weeks.
Although the shutdown has ended, not everything is expected to be released on time.
For example, the federal budget data (Monday) and BLS import/export price data (Tuesday) could be delayed.
However, when it comes to the previous data backlog, the September Non-Farm Payroll data has been added to the calendar this week.
Originally scheduled for October 3, the NFP will be published on Thursday along with jobless claims and the 10-Year Note Auction.
This creates tension heading into the back end of the week, as markets will also be searching for clues from the FOMC minutes regarding the potential of a December rate cut.
Many of the survey driven reports from October may be lost to the past, but this week should shed more light on which ones get scratched.
**Events marked blue could be delayed by the shutdown
Monday I will take a deeper look at how mortgage rate prices, bond spreads, and longer-term trends are unfolding in my Mortgage Rate Data Deluge.
The latest Lock-O-Meter risk scores and rate lock recommendations will be posted with it.
Thanks for reading.
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