A government holiday followed by an extremely light release schedule has led to a limited amount of data, with the FOMC Minutes being the only impactful report for the prior week. The Federal Reserve had stated they will continue to maintain their current stance in light of the most recent inflation data. With rates holding into the year, as a result, lending partners have started back tracking some of their recent rate cuts. Lastly, Unemployment Numbers are seen to be well within expectations.
FOMC Minutes
“Most” officials noted the risks of moving too quickly to cut rates and wanted to carefully assess the data for more progress on inflation, the minutes said.
Primary Mortgage Market Survey Index
• 15-Yr FRM rates saw an increase by 0.17% with the current rate at 6.29%
• 30-Yr FRM rates saw an increase by 0.13% with the current rate at 6.90%
MND Rate Index
• 30-Yr FHA rates are seeing a -0.01% decrease for this week. Current rates at 6.64%
• 30-Yr VA rates are seeing a -0.03% decrease for this week. Current rates at 6.67%
Jobless Claims
Initial Claims were reported to be 201,000 compared to the expected claims of 216,000. The prior week landed at 213,000.
What’s Ahead
There is a slate of quarterly reports due next week, which will help understand the current conditions. With the Federal Reserve’s current stance on cutting rates any time soon, it seems unlikely many of those reports will have any significant impact. We should expect Consumer Confidence reports, first revision of GDP numbers, and PCE along with PMI numbers that will let us know the current state of manufacturing and trade deficits.