by Calculated Risk September 16, 2024 7:01 PM
From Matthew Graham of Mortgage News Daily: Mortgage rates drop slightly, marking start to what could be a turbulent week
The new week started relatively quietly in terms of the movement of mortgage rates and the underlying bond market. … Traders quickly switched to expecting a slightly higher probability of a 0.50% cut than the minimum of 0.25%. But that is not the key part of the announcement. The market will be more focused on the trajectory of interest rates outlined in the Fed’s economic projections, the announcement and the guidance given in Fed Chairman Powell’s press conference. … If the outcome is sure to surprise about half the market, volatility will be all but impossible to avoid.30-year fixed rate 6.12%)
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Tuesday:
• 8:30 a.m. ET; Retail sales Retail sales figures for August are released. Retail sales are expected to increase by 0.2%.
• At 9:15 a.m., the Fed Industrial production and capacity utilization Industrial production is expected to increase 0.1% in August, with capacity utilization rising to 77.9%.
• 10 a.m., September NAHB Home Builder SurveyForecasts are calling for the index to rise to 40 from August’s 39. A reading below 50 indicates that more builders view sales conditions as poor than as good.
