Mortgage rates are mostly unchanged from last week.
As we enter the final full week of October it’s hard to believe there are only 10 weeks left in 2016. Mortgage rates were pretty quiet last week and I would not be surprised if they are quiet again this week. It seems like investors are sitting quietly waiting for the election to wrap up.
This week’s economic calendar is heavy with fresh housing data. Tomorrow we get the S&P Case Shiller house price index, new home sales on Wednesday, and pending home sales on Thursday. Anecdotally it feels like demand has softened slightly so it will be interesting to see if this is evident in the data.
From a technical perspective interest rates look vulnerable. The yield on the US 10-year treasury note is 1.76% which is right above strong support. I am going to recommend a locking bias.
Current Outlook: locking bias