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Mortgage Rates This Week

What’s Ahead For Mortgage Rates This Week – October 28, 2013Last week government agencies finally issued reports that were delayed by the government shutdown including the big jobs report. The Bureau of Labor Statistics issued the Nonfarm Payrolls report for September last Tuesday instead of its normal schedule release on the first Friday of each month. September’s reading indicated that only 148,000 jobs were created as compared to economists’ expectations of 185,000 jobs and August’s reading of 173,000 new jobs. This report helped lower rates as employment is a key factor in determining not only the health of the economy, but also future policy of the Federal Reserve.

Weekly Jobless claims were higher than expected at 350,000 new claims; analysts had expected 337,000 new claims. The latest reading was below the prior reading of 362,000 new jobless claims.

The University of Michigan’s Consumer Sentiment Index was released Friday with some telling results. October’s reading 73.2 from September’s revised reading of 77.5. A reading of 74.8 had been expected based on September’s original reading of 75.2. Consumers interviewed for the October CSI indicated that the federal government was the major factor in lower confidence in the economy.

What Will Impact Mortgage Rates This Week?

We have a huge amount of economic data that are scheduled to be released this week due to a number of reports hitting that were postponed due to the government shutdown.

DateTime (ET)Economic ReleaseActualMarket ExpectsPrior
28-Oct9:15 AMIndustrial Production0.30%0.40%
28-Oct9:15 AMCapacity Utilization78.00%77.80%
28-Oct10:00 AMPending Home Sales-1.30%-1.60%
29-Oct8:30 AMRetail Sales-0.10%0.20%
29-Oct8:30 AMRetail Sales ex-auto0.30%0.10%
29-Oct8:30 AMPPI0.20%0.30%
29-Oct9:00 AMCase-Shiller 20-city Index12.40%12.00%
29-Oct10:00 AMBusiness Inventories0.20%0.40%
29-Oct10:00 AMConsumer Confidence73.179.7
30-Oct7:00 AMMBA Mortgage IndexNA-0.60%
30-Oct8:15 AMADP Employment Change125K166K
30-Oct8:30 AMCPI0.10%0.10%
30-Oct8:30 AMCore CPI0.10%0.10%
30-Oct10:30 AMCrude InventoriesNA5.246M
30-Oct2:15 PMFOMC Rate Decision0.25%0.25%
31-Oct7:30 AMChallenger Job CutsNA19.10%
31-Oct8:30 AMInitial Claims335K350K
31-Oct8:30 AMContinuing Claims2850K2874K
31-Oct9:45 AMChicago PMI5555.7
31-Oct10:30 AMNatural Gas InventoriesNA87 bcf
1-Nov10:00 AMISM Index5556.2
1-Nov10:00 AMConstruction SpendingNANA
1-Nov2:00 PMAuto SalesNA5.4M
1-Nov2:00 PMTruck SalesNA6.5M
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