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Wednesday: Chicago PMI, Pending Home Sales, Beige Book


From Matthew Graham at Mortgage News Daily: Mortgage Rates Sideways Near Long-Term Lows

Mortgage rates remained relatively unchanged again today.  This continues the sideways trend leading into Memorial Day weekend.  As the current week progresses, we can expect to see volatility increase thanks to the presence of more significant economic data.

For what it’s worth, being “sideways” at current levels [30 year fixed at 4.0%] wouldn’t be anything to complain about.  Only a handful of days since the presidential election have seen rates any lower.
emphasis added

• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 9:45 AM, Chicago Purchasing Managers Index for May. The consensus is for a reading of 57.5, down from 58.3 in April.

• At 10:00 AM, Pending Home Sales Index for April. The consensus is for a 0.5% increase in the index.

• At 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.
Calculated Risk

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