Updated on May 17, 2021 10:04:16 AM EDT
There is nothing of importance scheduled for today with exception to a couple of Fed member speaking engagements that may draw some attention. The rest of the week brings us only three relevant monthly economic reports, in addition to a Treasury auction and the release of FOMC meeting minutes. None of the economic reports are considered to be highly important or potential market movers.
Activities begin tomorrow when Aprils Housing Starts report is released at 8:30 AM ET. This data gives us an indication of housing sector strength and future mortgage credit demand by tracking newly issued permits and actual starts of new home construction. It is expected to show a small decline in new construction starts, hinting at weakness in the new home portion of the housing sector. This report is normally not considered to be of high importance to the bond market, meaning it likely will have little impact on mortgage rates regardless of what is reveals.
Overall, no day stands out as the most important for rates this week. We can expect to see minor moves most days unless something unexpected happens. The calmest day may end up being today or tomorrow. While there is a good chance of seeing rates stay fairly flat, it would be prudent to keep an eye on the markets this week if still floating an interest rate, just in case that changes.
©Mortgage Commentary 2021