A quiet economic week was welcomed! Firstbit of news, actually all the news, was last Thursday as the revised Q3 GDP came out showing the economy grew at 3.5% annualized.
October home new home sales fell 8.9% from the September number – both got little reaction from mortgage investors as expected.
October’s Personal income was up 0.5% and spending was up 0.6% the core PCE was up 0.2% – this was also not mortgage interest rate moving.
Then at 11am, the Fed minutes from there FOMC meeting,showed an almost unanimous feeling that the fundsrate should be raised 0.25% more in December. Which was an expected outlook, so investors didn’t react to this.
It seems that the mortgage back security investors have called it a year. It would be nice to have smooth sailing until the end of the year, but there is more news to come…