News You'll Use

Mortgage rates fell this week, thanks to a technical change in the US Treasury refunding auction size makeup, along with the Fed not raising rates and holding their data dependent message on monetary policy. Not to get into the weeds on the US Treasury auction sizes, just know that was one of the major drivers of the rally in mortgage rates. The Fed held their same message, to expect rates to be held for higher for longer, which the market responded to favorably. Still, love to see the sharp rally we have seen this week.

• US 10-year Treasury on Thursday afternoon is at 4.65%

• S&P CoreLogic Case-Shiller HPI came in higher than analysts' expectations (+1.01% m/m vs expectations of +0.8% m/m)

• Chicago PMI came in lower than analysts' expectations (44.0 vs expectations of 45.0)

• Conference Board Consumer Confidence came in higher than analysts' expectations (102.6 vs expectations of 100.50)

• ADP Employment Change came in lower than analysts' expectations (113k vs expectations of 150k)

• JOLTS Job Openings Claims came in higher than analysts' expectations (9.533mm openings vs expectations of 9.4mm openings)

• ISM Manufacturing came in lower than analysts' expectations (46.7 vs expectations of 49.0)

• Initial Jobless Claims came in higher than analysts' expectations (217k claims vs expectations of 210k claims)

• Mortgage Applications fell 2.1% this week