Weekly Market Update

What's going on and why does it matter?

Mortgage bonds opened higher this morning as an event-filled week gets underway. The market's attention this week will be focused on the Fed's monetary policy statement on Wednesday, along with the release of an updated Summary of Economic Projections and a post-meeting press conference with Chair Powell. On Thursday, the European Central Bank will issue its monetary policy decision. Also on Thursday, there is a general election in the UK which may impact market sentiment. Meanwhile, 15% tariffs on $156 billion in China imports are scheduled to go into effect on December 15 unless President Trump offers a delay. The economic calendar today is empty, but there are several high-tiered economic reports scheduled for release later this week.

What should you do about it?

Watch for mortgage bonds to remain in positive territory above their 30-day and 100-day moving averages, but be prepared to lock your rate if mortgage bonds break below those levels.

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Economic reports that may impact mortgage rates this week: