Updated on January 21, 2022 10:05:52 AM EST
Decembers Leading Economic Indicators (LEI) was today’s only semi-relevant data. The Conference Board announced a 0.8% rise in the indicators, meaning they are predicting moderate to strong growth in the economy over the next several months. Generally speaking, this is bad news for the bond market and mortgage rates. However, the rise matched forecasts, preventing an impact on this morning’s pricing.
Next week starts off light in terms of scheduled events that may affect mortgage rates, but the mid and latter days bring us some highly influential economic releases and FOMC activities. Some of the important items scheduled next week include the first FOMC meeting of the year, the initial 1st Quarter Gross Domestic Product reading (benchmark of economic activity) in addition to a few more economic reports and a couple of Treasury auctions.
Monday is the only day of the week without at least one thing scheduled. The most important items are set for midweek, meaning we should see the most movement in rates those days. Look for details on all of next week’s activities in Sunday evening’s weekly preview.
©Mortgage Commentary 2022