Freddie Mac mortgage ratesMortgage markets were basically unchanged last week. With a dearth of new U.S. economic data due for release, investors turned their collective attention to the Europe, China, and the Middle East.

The combination of civil protests, economic slowdowns, and growing political tensions caused investors to dump risky assets in favor of the relative safety provided by the U.S. mortgage bond market.

According to Freddie Mac, the average conforming 30-year fixed rate mortgage is now 3.39% nationwide for borrowers willing to pay 0.7 discount points plus a full set of closing costs. 0.7 discount points is a one-time closing cost equal to 0.7 percent of the borrowed loan size.

As an illustration, a bank’s charge of 0.7 discount points on a $100,000 mortgage would cost $700 to the borrower.

Freddie Mac also reported the average conforming 15-year fixed-rate mortgage rate at 2.70% nationwide with an accompanying 0.6 discount points plus closing costs. Loans with zero discount points carry a higher mortgage rate average.

This week, data returns to Wall Street as a series of housing reports are slated for release, in addition to inflationary reports such Tuesday’s Consumer Price Index (CPI).

The week begins with Retail Sales, released at 8:30 AM ET Monday. On a strong figure, mortgage rates in Virginia are expected to climb. This is because Retail Sales data is closely tied to consumer spending and consumer spending accounts for more than two-thirds of the U.S. economy.

Date Time (ET) Statistic For Actual Market Expects Prior
10/15/12 08:30:00 AM Retail Sales Sep 1.10% 0.70% 1.20%
10/16/12 08:30:00 AM CPI Sep 0.50% 0.60%
10/16/12 08:30:00 AM Core CPI Sep 0.20% 0.10%
10/16/12 09:15:00 AM Industrial Production Sep 0.30% -1.20%
10/16/12 09:15:00 AM Capacity Utilization Sep 78.30% 78.20%
10/17/12 08:30:00 AM Housing Starts Sep 768K 750K
10/18/12 08:30:00 AM Initial Claims 10/13/12 360K 339K
10/18/12 10:00:00 AM Philadelphia Fed Oct -0.1 -1.9
10/18/12 10:00:00 AM Leading Indicators Sep 0.20% -0.10%
10/19/12 10:00:00 AM Existing Home Sales Sep 4.70M 4.82M

A growing economy tends to pull mortgage rates higher, Tuesday’s CPI may do the same.

Inflation erodes the value of a mortgage bond so when inflation pressures grow, demand for mortgage bonds fall which, in turn, causes mortgage rates to rise. If CPI is higher-than-expected, mortgage rates will likely rise.

Then, there’s a flurry of housing data. The Housing Market Index (Tuesday), Housing Starts (Wednesday) and Existing Home Sales (Friday) all hit this week. Strength in housing may lead mortgage rates higher, harming home affordability for today’s home buyers.

At today’s mortgage rates, every 1/8% increase raises monthly mortgage payments roughly $7 per $100,000 borrowed.

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Rates rising on economyMortgage markets worsened last week for the first time in a month as the U.S. economy showed signs of improvement, and the Eurozone stepped closer to launching its $500 billion euro rescue fund.

Conforming mortgage rates in Virginia rose last week on the whole — even though Freddie Mac’s Primary Mortgage Market Survey proclaimed that they fell.

This occurred because Freddie Mac’s weekly mortgage rate survey is conducted between Monday and Tuesday each week and, last week, mortgage rates were lower when the week began. Through Wednesday, Thursday and Friday, however, they rose.

According to the Freddie Mac survey, the average 30-year fixed rate mortgage slipped to 3.36 percent nationwide last week, while the 15-year fixed rate mortgage fell to 2.69 percent. Both rates required 0.6 discount points and both marked all-time lows.

As this week begins, to gain access to the same 3.36% and 2.69% mortgage rates from last week, Henrico mortgage applicants should expect to pay more closing costs and/or higher discount points.

Improving U.S. employment data is partially to blame.

Friday morning, the Bureau of Labor Statistics released its September Non-Farm Payrolls report. More commonly called “the jobs report”, the monthly issuance details changes in U.S. employment by sector and reports on the national Unemployment Rate.

In September, accounting for upward revisions to data from July and August, 200,000 net new jobs were created — far exceeding Wall Street’s estimates for 120,000 net new jobs created. Furthermore, the Unemployment Rate unexpectedly dropped to 7.8%.

Jobs are considered a keystone in the U.S. economic recovery. As a result, when the jobs numbers hit Friday, mortgage rates worsened, building on momentum built earlier in the week as Greece moved steps closer to accepting aid from the Eurozone.

In general, since 2010, weakness in the Eurozone has helped push U.S. mortgage rates lower. As Europe regains its footing, therefore, domestic mortgage rates are expected to rise.

This week, in a holiday-shortened week, . The Federal Reserve’s Beige Book is released Wednesday and some key inflation data is due for Friday release. Beyond that, mortgage rates will continue to take cues from the Eurozone.

 

Date Time (ET) Statistic For Market Expects Prior
10/09/12 01:15:00 PM 3-year Treasury Note Auction
10/10/12 10:00:00 AM 10-year Treasury Note Auction
10/10/12 02:00:00 PM Fed’s Beige Book Sep
10/11/12 08:30:00 AM Initial Claims 10/06/12 370K 367K
10/11/12 08:30:00 AM Trade Balance Aug -$43.8B -$42.0B
10/11/12 01:15:00 PM 30-year Treasury Bond Auction
10/12/12 08:30:00 AM PPI Sep 0.80% 1.70%
10/12/12 08:30:00 AM Core PPI Sep 0.20% 0.20%
10/12/12 09:55:00 AM Mich Sentiment Oct 78.5 78.3

 

It is a good idea to discuss locking a rate with your loan officer while mortgage rates remain near all-time lows.

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Jobs report threatens low mortgage ratesMortgage rates dropped to another all-time low last week as concerns for global economic growth helped U.S. home buyers and refinancing households nationwide.

U.S. mortgage rates responded to non-U.S. events and, for rate shoppers and home buyers in Richmond , home affordability improved.

Early in the week, with Greece and Spain debating new austerity measures, and with citizen protests rampant, a flight-to-quality helped to boost demand for U.S. mortgage bonds. So did rumors of a weakening Chinese economy.

“Flight-to-quality” is a trading term for when investors shun investment risk in favor of safer, more high-quality portfolio assets. Typically, this involves selling stocks and buying bonds, including mortgage-backed ones.

When demand for mortgage-backed bonds rise, mortgage rates tend to fall.

Demand for bonds is also receiving a boost from the Federal Reserve’s latest market stimulus program — QE3.

“QE3” is a shorthand term for the Fed’s third qualitative easing, a program by which the nation’s central banker buys mortgage-backed securities on the open market in hopes of driving mortgage rates down.

So far, it’s been working. Since the Federal Reserve announced QE3 in mid-September, conforming mortgage rates have been on steady decline.

According to Freddie Mac, the average 30-year fixed rate mortgage rate slipped to 3.40% nationwide last week with an accompanying 0.6 discount points plus closing costs. The average 15-year fixed rate mortgage rate moved to 2.73%, also with 0.6 discount points and closing costs. Both rates are at all-time lows.

This week, mortgage rates have a lot of data on which to trade, and may be poised to bounce higher.

 

Date Time (ET) Statistic For Market Expects Prior
10/01/12 10:00:00 AM ISM Index Sep 49.7 49.6
10/03/12 08:15:00 AM ADP Employment Change Sep 133K 201K
10/03/12 02:00:00 PM FOMC Minutes 09/12/12
10/04/12 08:30:00 AM Initial Claims 09/29/12 365K 359K
10/04/12 10:00:00 AM Factory Orders Aug -6.00% 2.80%
10/05/12 08:30:00 AM Nonfarm Payrolls Sep 120K 96K
10/05/12 08:30:00 AM Unemployment Rate Sep 8.10% 8.10%
10/05/12 03:00:00 PM Consumer Credit Aug $5.0B -3.3B

 

In addition to the release of manufacturing, construction and retail sales reports, the Bureau of Labor Statistics will post its September Non-Farm Payrolls report Friday. More commonly called the “jobs report”, the monthly release takes on added significance now that the Federal Reserve has said that its open-ended QE3 program will be linked to the U.S. jobs economy.

Wall Street expects to see 120,000 net new jobs created in September. If the actual reading exceeds this figure, mortgage rates should rise.

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Freddie Mac mortgage ratesMortgage markets improved last week on expectations for new Federal Reserve stimulus, plus ongoing concerns about the European Union’s future.

Mortgage-backed bonds climbed to new all-time highs, which helped conforming mortgage rates drop to new all-time lows.

The average 30-year fixed-rate mortgage rate is now 3.53% nationwide, according to government mortgage-backer Freddie Mac’s weekly mortgage rate survey. The 3.53% rate is available to mortgage applicants willing to pay 0.7 discount points plus a full set of closing costs where 1 discount point is equal to 1 percent of your loan size.

The 15-year fixed-rate mortgage rate dropped last week, too, falling to 2.83% nationwide, on average.

Even as mortgage rates in Richmond drop, however, rate shoppers should be wary of a potential rate reversal. This is because July’s rapid drop in mortgage rates, mostly, has been fueled by market speculation.

First, with employment data lagging, inflation pressures low, and slower-than-expected economic growth, Wall Street now believes that the Federal Reserve will launch its third round of quantitative easing next week, a move that would likely include large-scale mortgage bond purchases.

New, Fed-led demand for mortgage bonds would lead mortgage rates lower for homeowners and rate shoppers throughout Virginia.

And, second, investors are preparing for a potential sovereign debt default in Spain, the Eurozone’s fourth largest economy. The Greek economy, by contrast, which faces similar struggles, is 5 times smaller than Spain’s. A Spain default, too, would likely lead U.S. mortgage rates lower.

That said, if neither event comes to pass — if the Fed passes no new stimulus and Spain receives an ample-sized bailout — mortgage rates would be expected to rise as Wall Street re-adjusts its expectations for the future.

The change would happen quickly, too.

This week, markets will continue to take their cues from the Fed and the Eurozone, but with an eye toward U.S. housing data. The housing market is linked to economic growth so strong results may lead mortgage rates higher.

Date Time (ET) Statistic For Market Expects Prior
07/24/12 01:15:00 PM 2-year Treasury Note Auction


07/25/12 10:00:00 AM New Home Sales Jun 373K 369K
07/25/12 01:15:00 PM 5-year Treasury Note Auction


07/26/12 08:30:00 AM Initial Claims 07/21/12 381K 386K
07/26/12 08:30:00 AM Durable Orders Jun 0.30% 1.30%
07/26/12 10:00:00 AM Pending Home Sales Jun 1.30% 1.90%
07/26/12 01:15:00 PM 7-year Treasury Note Auction


07/27/12 08:30:00 AM GDP-Adv. Q2 1.30% 1.90%
07/27/12 09:55:00 AM Michigan Sentiment – Final Jul 72 72

Home loan rates continue to reach historic lows, making now a great time to purchase or refinance a home. Let me know if I can answer any questions.

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Unemployment RateMortgage markets improved last week as concerns for U.S. economic growth wrestled attention away, albeit temporarily, from the Eurozone. Mortgage bonds improved to record prices, lowering mortgage rates across Virginia and nationwide.

The biggest news of last week’s holiday-shortened trading week was the Friday release of last month’s Non-Farm Payrolls report.

In it, the Bureau of Labor Statistics showed that the economy added 80,000 net new jobs in June, and that the initial tallies for April and May were overstated by a combined two thousand jobs. Wall Street had expected to see at least 100,000 jobs created in June.

When the actual number of jobs fell short of expectations, stock markets sold off and bond markets gained.

According to Freddie Mac, last week’s 30-year fixed rate mortgage rate averaged 3.62% nationwide for borrowers with conforming mortgages willing to pay 0.8 discount points at closing, plus a full set of closing costs.

For every $100,000 borrowed on a 30-year fixed rate mortgage, you’ll pay just $456 per month — the lowest in history.

15-year fixed rate mortgages averaged 2.89% with 0.7 discount points.

Both products set record-low mortgage rates, based on Freddie Mac’s data. However, by the week’s end, after the jobs report, both rates had moved lower still to the benefit of Henrico home buyers and rate shoppers.

This week, with little new economic data set for release, mortgage markets are expected to turn attention back to Europe. Early Monday, Greece’s new government won a key confidence vote in Parliament which ends a period of uncertainty during which the nation-state was without a clear leader.

 

Date Time (ET) Statistic For Market Expects Prior
07/10/12 01:15:00 PM 3-year Treasury Note Auction


07/11/12 08:30:00 AM Trade Balance May -$48.9B -$50.1B
07/11/12 01:15:00 PM 10-year Treasury Note Auction


07/11/12 02:00:00 PM FOMC Minutes 06/20/12
07/12/12 08:30:00 AM Initial Claims 07/07/12 375K 374K
07/12/12 01:15:00 PM 30Y Treasury Bond Auction


07/13/12 08:30:00 AM PPI Jun -0.60% -1.00%
07/13/12 08:30:00 AM Core PPI Jun 0.20% 0.20%
07/13/12 09:55:00 AM Mich Sentiment Jul 73.5 73.2

.

This is one step toward resolving the debt issues that have plagued Greece but not the last step. How markets respond to Greece’s next actions will, in part, shape the direction of mortgage rates here in the United States. With optimism, mortgage rates will rise.

Should Greece falter, mortgage rates will fall.

Mortgage rates are expected to remain volatile for at least the next 3 weeks. If you’re floating a mortgage rate or wondering whether it’s time to lock a rate with your lender, consider locking in. With mortgage rates at 3.62% on average, rates have much more room to rise than to fall.

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Fed Funds Rate 2006-2012Mortgage markets worsened last week as Greece tentatively formed a government and the Federal Reserve extended its Operation Twist program by $267 billion.

Neither event, however, removed the uncertainty surrounding global markets.

First, Greece must still adhere to stringent austerity measures in order to meet the terms of its IMF bailout. Its new government, however, may seek to revise the terms of its fiscal austerity, a move that would keep the nation-state — and the European Union — in fragile balance.

As Greece comes closer to resolution, U.S. mortgage rates are likely to rise. This is because economic uncertainty in Greece has helped to keep mortgage rates down since 2010. A reversal in policy would cause mortgage rates to reverse higher.

Second, it’s clear that Wall Street expected more from the Federal Reserve.

The nation’s central banker made moves to pressure long-term rates lower last week, but did little else to prop up an economy it believes will grow only “very gradually” over the next few quarters. Stock markets got a gentle boost from the Fed’s new stimulus, and mortgage rates suffered only slightly.

Overall, conforming mortgage rates in Virginia rose slightly last week, and much of the action occurred after Freddie Mac’s weekly mortgage rate survey concluded Tuesday afternoon.

According to the government-backed mortgage-securitizer, 30-year fixed rate mortgage rates fell 5 basis points to 3.66% nationwide, on average last week. This was the lowest recorded 30-year fixed rate mortgage rate on record as this year’s Refinance Boom continues.

The 15-year fixed rate mortgage rate also dropped, stopping at 2.95%, on average. This is 0.01 higher than the benchmark rate’s all-time low — a record set two weeks ago.

Buyers and would-be refinancers trying to lock a rate this morning may find pricing to be slightly worse.

This week, mortgage markets will continue to take cues from Europe, and from a bevy of U.S. economic data including the New Home Sales report and the release of the Pending Home Sales Index.

Mortgage rates remain near all-time lows. If you’re considering a home purchase or refinance, the timing looks good.

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FOMC meets this weekMortgage markets improved last week, moving mortgage rates in Virginia back on a downward trajectory. Wall Street investors bid down mortgage bond yields on weaker-than-expected economic data from the U.S. and concern for events within the Eurozone.

Freddie Mac reports the average 30-year fixed rate mortgage rate at 3.71% for borrowers willing to pay 0.7 discount points plus accompanying closing costs.

It’s the second-lowest reading in Freddie Mac’s recorded history and, as a point of comparison, one year ago, the 30-year fixed rate mortgage averaged 4.50% nationwide.

A homeowner giving a $200,000 mortgage at last year’s 4.50% rate would have paid $1,013 monthly for principal + interest. Today, that same homeowner pays just $922 per month — nine percent less.

Mortgage rates may drop even more this week.

Sunday, in Greece’s bid to re-elect a government, a pro-bailout party won the most votes in a highly-watched election, dampening fears that Greece may leave the European Union. However, the winning party must still form a new government and it beat the “anti-bailout” party by just 3 points — 30% to 27%. Some analysts question whether Greece can form a coalition government within its required 3-day window.

If Greece fails to form a government, the nation-state’s future in the European Union will, again, be in doubt — a potentially positive development for U.S. mortgage rates.

 

Date Time (ET) Statistic For Market Expects Prior
06/19/12 08:30:00 AM Housing Starts May 719K 717K
06/20/12 12:30:00 PM FOMC Rate Decision Jun 0.25% 0.25%
06/21/12 08:30:00 AM Initial Claims 06/16/12 380K 386K
06/21/12 10:00:00 AM Existing Home Sales May 4.56M 4.62M
06/21/12 10:00:00 AM Philadelphia Fed Jun -0.2 -5.8
06/21/12 10:00:00 AM Leading Indicators May 0.00% -0.10%
06/21/12 10:00:00 AM FHFA Housing Price Index Apr n/a 1.80%
06/21/12 01:15:00 PM 30Y TIPS Auction n/a n/a n/a

 

Also this week, the Federal Open Market Committee meets for its fourth scheduled meeting of the year, a two-day event beginning Wednesday. The FOMC doesn’t set mortgage rates, but it does set U.S. monetary policy which can have an effect on mortgage rates. If the Federal Reserve votes to add new stimulus, mortgage rates may rise on concerns for inflation.

The FOMC is not expected to add new stimulus.

And, lastly, this week will see the release of several housing reports including the homebuilder confidence survey, the Existing Home Sales report, and the Housing Starts report. Strength in housing may be viewed as a plus for the economy, which can cause mortgage rates to rise.

Expect volatility this week as mortgage markets wrestle with events at home and abroad. This may be aprudent time to lock a floating mortgage rate.

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Spain Bailout USD$125 billionMortgage markets worsened last week, halting a multi-week mortgage rate winning streak in Virginia and nationwide. With little economic news on which to trade, investors took their cues from the world’s central banks.

Fed Chairman Ben Bernanke neither dismissed nor promised new market stimulus in the near future, nor did leaders in the Eurozone. China, however, did cut its interest rates for the first time since the start of the global financial crisis.

Conforming mortgage rates edged higher amid a series of volatile trading sessions. Mortgage bonds moved more sharply as compared to prior weeks and analysts expect volatility to continue.

Last week, the biggest story was the ongoing deterioration of confidence within the Eurozone. While Greece continues to struggle under its national debt load, Spain emerged as the area’s newest bailout candidate. Then, on Saturday, the bailout was confirmed.

In seeking up to 100 billion euros ($125 billion), Spain becomes the fourth European Union nation to seek bailout funds since the debt crisis began nearly three years ago.

The Spain bailout temporarily overshadows investor concern for Greece and the nation-state’s June 17 election.

Sunday, the citizens of Greece will vote to elect a new government, the outcome of which may determine whether Greece remains a member of the European Union. If Greece leaves the EU, it would likely make a negative impact on equities markets, and would benefit U.S. mortgage rates.

This week, mortgage markets will take their cues from the political and economic developments abroad. Initially, investors are looking favorably upon the Spain resolution, and mortgage rates are rising as a result. As the Greek election nears, however, that trend may change.

Date Time (ET) Statistic For Market Expects Prior
06/12/12 01:15:00 PM 3 year Treasury Note Auction


06/12/12 02:00:00 PM Treasury Budget May -$125.0B -$57.6B
06/13/12 08:30:00 AM Retail Sales May -0.20% 0.10%
06/13/12 08:30:00 AM PPI May -0.70% -0.20%
06/13/12 08:30:00 AM Core PPI May 0.20% 0.20%
06/13/12 01:15:00 PM 10 year Treasury Note Auction


06/14/12 08:30:00 AM Initial Claims 06/09/12 375K 377K
06/14/12 08:30:00 AM CPI May -0.20% 0.00%
06/14/12 08:30:00 AM Core CPI May 0.10% 0.20%
06/14/12 01:15:00 PM 30Y Treasury Bond Auction


06/15/12 09:15:00 AM Industrial Production May 0.10% 1.10%
06/15/12 09:15:00 AM Capacity Utilization May 79.10% 79.20%
06/15/12 09:55:00 AM Mich Sentiment Jun 77 79.3

This week’s mortgage rates are subject to investor sentiment. Expect volatility.

 

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Unemployment RateMortgage markets improved last week in response to ongoing concerns for the European Union and an across-the-board weakening in U.S. economic data — including the much-watched jobs report.

Conforming mortgage rates in Virginia eased lower last week, falling to a new all-time low for 6th week in a row. The moves have been modest, however, falling just 15 basis points during that period.

Back then, Freddie Mac reported the average 30-year fixed rate mortgage to be 3.90% for borrowers willing to pay 0.8 discount points plus a full set a closing costs.

Today, it reports a rate of 3.75% with 0.7 discount points plus closing costs.

The total savings today as compared to April 19 is $8 per month plus $100 in discount points per $100,000 borrowed. This is not a huge monthly discount, but it still lowers a monthly payment. Home affordability remains at its highest point in recorded history.

Mortgage rates may move lower still.

Last week, there was little improvement in the Eurozone with respect to Greece and its future as a member of the European Union. In addition, Spain and Italy saw their respective borrowing costs rise sharply.

Also, Spain is in the process of natiionalizing one of its largest lenders and investors fear the Spain’s government will soon seek financial assistance.

The uncertainty for the future of Europe’s economic union has been driving demand for the relatively-safe U.S. mortgage bond asset class, a pattern known in trading circles as “safe haven” buying. The added demand pushes bond prices up, and bond yields (and mortgage rates) down.

The weaker-than-expected May jobs report also contributed to last week’s falling rates. Job growth is tied to the economy and when job growth is soft, investors are less willing to take risks in the equity markets. Here, again, bond markets benefit and mortgage rates fall.

Date Time (ET) Statistic For Market Expects Prior
06/04/12 10:00:00 AM Factory Orders Apr 0.10% -1.90%
06/06/12 02:00:00 PM Fed’s Beige Book May
06/07/12 08:30:00 AM Initial Claims 06/02/12 375K 383K
06/07/12 03:00:00 PM Consumer Credit Apr $12.7B $21.4B
06/08/12 08:30:00 AM Trade Balance Apr -$49.7B -$51.8B

 

This week, there is little economic data set for release so expect mortgage markets to take their cues for political and economic news from abroad. With mortgage rates low, though, the timing may be right for a rate lock.

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Jobs in focus this weekMortgage markets worsened slightly last week as demand for mortgage-backed bonds slacked. There was little surprise in U.S. economic data and the unfolding story lines of the Eurozone continued unabated.

Mortgage rates in Virginia worsened slightly on the news, climbing for the first time in two weeks.

The change was a small one, however, and rates only eased higher Wednesday through Friday. As such, Freddie Mac’s weekly mortgage rate survey failed to capture the change — Freddie Mac’s survey is conducted Monday and Tuesday.

According to the Primary Mortgage Market Survey, the average 30-year fixed rate mortgage rate slipped to 3.78% last week, on average, down from 3.79% during the week prior. At the same time, the number of discount points charged by banks increased to 0.8 from 0.7.

Stated differently, 30-year fixed rates mortgage rates dropped but mortgage applicants paid higher fees to get access to them. 1 discount point is equal to $1,000 per $100,000 borrowed.

Freddie Mac also reported no change in the 15-year fixed rate and the 5-year adjustable rate mortgage rates. Average mortgage rates for the twp benchmark products remained at 3.04% and 2.83%, respectively, with no change in discount points.

This week, mortgage rates figure to show a bit more movement. It’s a 4-day week because markets were closed for Memorial Day, and there is a glut of new data set for release. Most notably, the May Non-Farm Payrolls report hits Friday morning.

Date Time (ET) Statistic For Market Expects Prior
05/29/12 10:00:00 AM Consumer Confidence May 69.4 69.2
05/31/12 08:15:00 AM ADP Employment Change May 157K 119K
05/31/12 08:30:00 AM Initial Claims 05/26/12 368K NA
05/31/12 08:30:00 AM GDP – Second Estimate Q1 2.00% 2.20%
06/01/12 08:30:00 AM Nonfarm Payrolls May 150K 115K
06/01/12 08:30:00 AM Unemployment Rate May 8.10% 8.10%
06/01/12 08:30:00 AM Personal Income Apr 0.30% 0.40%
06/01/12 08:30:00 AM Personal Spending Apr 0.30% 0.30%
06/01/12 08:30:00 AM PCE Prices – Core April 0.30% 0.20%
06/01/12 10:00:00 AM Construction Spending Apr 0.50% 0.10%

The jobs report affects mortgage rates because mortgage rates are linked to U.S. economic strength. Wall Street is expecting to see 164,000 net new jobs created in May. If the actual results fall short of that estimate, mortgage rates should fall. If the actual number exceeds estimates, mortgage rates should rise.

Other releases include the  Consumer Confidence, the Pending Home Sales Index, and Personal Income and Outlays.

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