{"id":5052,"date":"2020-04-27T09:44:08","date_gmt":"2020-04-27T13:44:08","guid":{"rendered":"http:\/\/migonline.com\/blog\/?p=5052"},"modified":"2020-04-27T09:44:08","modified_gmt":"2020-04-27T13:44:08","slug":"mig-market-watch-april-27th-2020","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2020\/04\/27\/mig-market-watch-april-27th-2020\/","title":{"rendered":"MIG Market Watch, April 27th, 2020"},"content":{"rendered":"

MARKET COMMENT<\/strong>
\nMortgage bond prices finished the week mixed with conventional prices near unchanged and government prices lower. This kept rates neutral to slightly higher. Rates started the week higher Monday morning as the Fed announced reductions in their billion-dollar MBS tentative purchase schedule. The negative trend continued Tuesday morning. Oil prices remained extremely low. The data was mixed. The FHFA house price index rose 0.7% vs the expected 0.5% increase. Weekly jobless claims were 4.427M vs the expected 4.2M. New home sales were 627K. Analysts looked for a reading of 655K. Durable goods order fell 14.4% which was sharper than the expected 10% decrease. Mortgage interest rates finished the week unchanged to worse by approximately 1\/4 of a discount point.<\/p>\n

LOOKING AHEAD<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
Economic <\/strong>Indicator<\/strong><\/td>\nRelease <\/strong>Date & Time<\/strong><\/td>\nConsensus <\/strong>Estimate<\/strong><\/td>\nAnalysis<\/strong><\/td>\n<\/tr>\n
Consumer Confidence<\/td>\nTuesday, April 28,
\n10:00 am, et<\/td>\n		85<\/td>\nImportant. An indication of consumers\u2019 willingness to spend. Weakness may lead to lower mortgage rates.<\/td>\n<\/tr>\n
Advance Q1 GDP<\/td>\nWednesday, April 29,
\n8:30 am, et<\/td>\n		Down 4%<\/td>\nVery important. The aggregate measure of US economic production. Weakness may lead to lower rates.<\/td>\n<\/tr>\n
Fed Meeting Adjourns<\/td>\nWednesday, April 29,
\n2:15 pm, et<\/td>\n		No rate changes<\/td>\nImportant. Nobody expects the Fed to change rates, but some volatility may surround the adjournment of this meeting.<\/td>\n<\/tr>\n
Weekly Jobless Claims<\/td>\nThursday, April 30,
\n8:30 am, et<\/td>\n		4.6M<\/td>\nImportant. An indication of employment. Higher claims may result in lower rates.<\/td>\n<\/tr>\n
Personal Income and Outlays<\/td>\nThursday, April 30,
\n8:30 am, et<\/td>\n		Down 1.5%,
\nDown 5.1%<\/td>\n		Important. A measure of consumers\u2019 ability to spend. Weakness may lead to lower mortgage rates.<\/td>\n<\/tr>\n
PCE Core Inflation<\/td>\nThursday, April 30,
\n8:30 am, et<\/td>\n		Up 0.1%<\/td>\nImportant. A measure of price increases for all domestic personal consumption. Weaker figure may help rates improve.<\/td>\n<\/tr>\n
Q1 Employment Cost Index<\/td>\nThursday, April 30,
\n8:30 am, et<\/td>\n		Up 0.7%<\/td>\nVery important. A measure of wage inflation. Weakness may lead to lower rates.<\/td>\n<\/tr>\n
ISM Index<\/td>\nTuesday, May 1,
\n10:00 am, et<\/td>\n		36.7<\/td>\nImportant. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

ISM INDEX<\/strong>
\nThe Institute for Supply Management (ISM), formerly the National Association of Purchasing Management (NAPM), releases the \u201cReport on Business\u201d on the first working day of each month. Part of this report is the \u201cdiffusion index,\u201d which tracks the economy\u2019s ups and downs well.<\/p>\n

In conducting this survey, the ISM questions purchasing executives from over 250 industrial companies compiling data on production, orders, commodity prices, inventories, vendor performance, and employment. Each of the respondents is asked to rank the categories as \u201cup\u201d or \u201cdown.\u201d Various weights are applied to the individual components to form the composite index. A composite index reading of 50 can be thought of as a \u201cswing point.\u201d A reading above 50 implies an increase in economic activity, while a reading below 50 indicates a decline. The ISM report is difficult for economists to forecast because there is little data upon which to base an educated guess. The report has a large \u201csurprise factor\u201d and can cause market swings. Be cautious heading into the release.<\/p>\n","protected":false},"excerpt":{"rendered":"

MARKET COMMENT Mortgage bond prices finished the week mixed with conventional prices near unchanged and government prices lower. This kept rates neutral to slightly higher. Rates started the week higher Monday morning as the Fed announced reductions in their billion-dollar MBS tentative purchase schedule. The negative trend continued Tuesday morning. Oil prices remained extremely low. … Continue reading MIG Market Watch, April 27th, 2020<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":5053,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-5052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-watch"],"yoast_head":"\nMIG Market Watch, April 27th, 2020 - Mortgage Investors Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/migonline.com\/blog\/2020\/04\/27\/mig-market-watch-april-27th-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MIG Market Watch, April 27th, 2020 - Mortgage Investors Group\" \/>\n<meta property=\"og:description\" content=\"MARKET COMMENT Mortgage bond prices finished the week mixed with conventional prices near unchanged and government prices lower. This kept rates neutral to slightly higher. Rates started the week higher Monday morning as the Fed announced reductions in their billion-dollar MBS tentative purchase schedule. The negative trend continued Tuesday morning. 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