Mortgage rates moved lower every week for the past 3 weeks. They covered a respectable amount of ground during that time and ultimately erased most of September’s damage by Friday afternoon.
In outright terms, September’s weakness pushed the average 30yr fixed rate quote roughly 3/8ths of a percentage point (.375%) higher. The past 3 weeks have helped to claw back roughly 0.25% of that. [Most Prevalent Rates 30YR FIXED – 3.625%]
• At 6:00 AM, NFIB Small Business Optimism Index for September.
• At 8:30 AM, The Producer Price Index for September from the BLS. The consensus is for a 0.1% increase in PPI, and a 0.2% increase in core PPI.
• At 2:30 PM, Speech, Fed Chair Jerome Powell, Data Dependence in an Evolving Economy, At the 61st National Association for Business Economics (NABE) Annual Meeting – Trucks and Terabytes: Integrating the ‘Old’ and ‘New’ Economies, Denver, Colorado