News You'll Use

Mortgage rates fell this week, as rates moved lower as the market prepares for Fed Chairman Powell's Jackson Hole speech on Friday morning. This was a light data week, and the market continued its elevated volatility for the month of August. There has not been much significant data that has come out the last few weeks, but that will change next week as we see inflation and employment data. The next week or so will most likely continue to be volatile. We will have a better idea of the direction of the market after Labor Day when all the traders and market participants are back from summer break. Rates will likely not move significantly higher from here, but it is not impossible. If rates do move higher, it should be due to a more structural change in the economy and financial markets.

• U.S. 10-year Treasury closed at 4.23% on Thursday afternoon

• Existing Home Sales came in lower than analyst's expectations (4.07mm vs expectations of 4.15mm)

• New Home Sales came in higher than analyst's expectations (714k vs expectations of 703k)

• Durable Goods came in lower than analyst's expectations (-5.2% m/m vs expectations of -4.0% m/m)

• Initial Jobless Claims came in lower than analyst's expectations (230k claims vs expectations of 240k claims)

• Mortgage Applications fell 4.2% this week