As I have indicated in my Monday morning’s post, this week will be a busy one.
Yesterday, we had the October Retail Sales which at first blush rose 1.4% exceeding the expectations of 0.9%. But if you take away the more volatile car sales, retail sales rose only 0.2%!
Today’s reports, Producer Price Index (PPI) and Industrial Production Data also showed weaker numbers than expected. PPI only rose 0.3%. And when you exclude food and energy, the number actually fell by 0.6%-the lowest since July 2006. The Industrial Production rose 0.1% compared to what was expected at 0.4%. Both of these numbers show us that inflation is still not an issue though you can be sure that Bernanke and Company are watching for any signs of inflation.
Tomorrow brings us October’s Consumer Price Index (CPI) and October’s Housing Starts. The CPI can more the market if it comes in higher than expected. Housing Starts gives us a feel for how well the housing industry is doing.
The bond market has been holding its own throughout these reports. Therefore, mortgage interest rates are doing well. If you are almost ready to close on your mortgage and haven’t locked in your rate yet, I do advise doing so in the very near future. If you aren’t ready to close, you can still float.
If you want a more detailed report, you can read the Daily Lock Advisory.
And as always, I will report daily on twitter @mmtgsolutions on the mortgage interest rates and what to expect for the day.If one of these reports moves the market in a significant manner, I’ll write about it here.
Please remember, I welcome your comments to this and my other posts.
Have an inspired week.
Betsy Moore
206-331-2749
