Daily Rate Lock Advisory

Indexes Affecting Rate Lock

Medium

Negative

University of Michigan Consumer Sentiment (Prelim)

The first of this morning’s two 10:00 AM ET economic reports was the University of Michigan’s Index of Consumer Sentiment for September. It came in at 78.9, up from last month’s 74.1 and higher than forecasted. Since this index gives us an indication of consumer willingness to spend and consumer spending makes up over two-thirds of the U.S. economy, the higher reading is bad news for bonds and mortgage rates. Fortunately, the data is not looked at as a major release. Accordingly, it has had a minimal impact on today’s early trading and mortgage pricing.

Low

Neutral

Leading Economic Indicators (LEI) from the Conference Board

Closing out this week’s calendar was August’s Leading Economic Indicators (LEI) from the Conference Board. They announced a 1.2% increase compared to the 1.3% that was expected. These indicators attempt to predict economic activity over the next several months, meaning they are showing an increase in activity this fall and winter. However, because this is considered to be only a moderately important report for the markets and the variance was minor, we can label this report as neutral for rates.

High

Unknown

Fed Talk

Next week has only a couple of relevant economic reports set for release but also has two days of congressional testimony from Fed Chairman Powell midweek. There is nothing in terms of economic data scheduled for Monday that we need to watch, however, there are a couple of Fed member speaking engagements. Look for details on all of next week’s activities in Sunday evening’s weekly preview.

Rate Lock Advisory

Mortgage Rate Trend

Indexes Affecting Rate Lock

University of Michigan Consumer Sentiment (Prelim)

Leading Economic Indicators (LEI) from the Conference Board

Fed Talk

Float / Lock Recommendation