A short week but rates continue to move in the right direction

Happy Wednesday from Local Mortgage!

A shortened work week for us due to the Thanksgiving holiday. We will be closed Thursday and Friday, so we moved up our weekly recap.

We have had three positive trading days for mortgage rates as we are back near a 3-year low with our very best 30-year fixed conventional scenario at 5.875% and inching closer and closer to 5.75%.

Tuesday’s reported economic data fueled this week’s biggest move down. ADP reported further labor market contraction and delayed data on retail sales and PPI from September were also weaker than expected.

Another piece of important news moving rates in a favorable direction this week was the rumor that Kevin Hassett could be the front runner to be the next FED Chairman. Investors sense that Hassett could be more dovish than the current Chairman and could lean more towards a more aggressive rate cutting policy.

Next week, the government is expected to finalize the revised release schedule for the missing economic reports sometime next week. Once those delayed employment, CPI, and PCE numbers start hitting the wires, expect some bigger daily moves in the mortgage and bond markets.

Wishing everyone a Happy Thanksgiving, and as always, thanks for reading!