{"id":6133,"date":"2021-05-31T10:02:07","date_gmt":"2021-05-31T14:02:07","guid":{"rendered":"http:\/\/migonline.com\/blog\/?p=6133"},"modified":"2021-05-28T16:06:13","modified_gmt":"2021-05-28T20:06:13","slug":"mig-market-watch-may-31st-2021","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2021\/05\/31\/mig-market-watch-may-31st-2021\/","title":{"rendered":"MIG Market Watch, May 31st 2021"},"content":{"rendered":"
Market Comment<\/h5>\n

Mortgage bond prices finished the week higher which helped rates improve slightly. We started the week on a positive note with solid gains Monday afternoon into Tuesday morning. Inflation fears reappeared Wednesday afternoon and Thursday morning which erased a lot of the earlier improvements. The data was mixed. The FHFA house price index rose 1.4% as expected. New home sales were 863K vs 975K. Consumer confidence was 117.2 vs 118.5. Durable goods rose 1% vs 0.8%. Weekly jobless claims were 406K vs 425K. GDP rose 6.4% vs the expected 6.5% increase. Personal income fell 13.1% vs the expected 14.1% decline. Spending rose 0.5% as expected. PCE inflation rose 0.6% as expected. Consumer sentiment was 82.9 vs 83.1. Mortgage interest rates finished the week better by approximately 1\/8 of a discount point.<\/p>\n

\n
Looking Ahead<\/h5>\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
Memorial Day<\/td>\nMonday, May 31<\/td>\n<\/td>\nImportant. No trading Monday but there could be volatility the following day as trading resumes after the extended weekend.<\/td>\n<\/tr>\n
ISM Index<\/td>\nTuesday, June 1,
\n10:00 am, et<\/td>\n		60.8<\/td>\nImportant. A measure of manufacturer sentiment. Weakness may lead to lower mortgage rates.<\/td>\n<\/tr>\n
Construction Spending<\/td>\nTuesday, June 1,
\n10:00 am, et<\/td>\n		Up 1.1%<\/td>\nLow importance. An indication of economic strength. Significant weakness may lead to lower rates.<\/td>\n<\/tr>\n
ADP Employment<\/td>\nThursday, June 3,
\n8:30 am, et<\/td>\n		545K<\/td>\nImportant. An indication of employment. Weakness may bring lower rates.<\/td>\n<\/tr>\n
Weekly Jobless Claims<\/td>\nThursday, June 3,
\n8:30 am, et<\/td>\n		405K<\/td>\nImportant. An indication of employment. Higher claims may result in lower rates.<\/td>\n<\/tr>\n
Employment<\/td>\nFriday, June 4,
\n8:30 am, et<\/td>\n		5.9%,
\nPayrolls +600K<\/td>\n		Very important. An increase in unemployment or weakness in payrolls may bring lower rates.<\/td>\n<\/tr>\n
Factory Orders<\/td>\nFriday, June 4,
\n10:00 am, et<\/td>\n		Up 1.3%<\/td>\nImportant. A measure of manufacturing sector strength. Weakness may lead to lower rates.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n
ISM Index<\/h5>\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 above50 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 higher which helped rates improve slightly. We started the week on a positive note with solid gains Monday afternoon into Tuesday morning. Inflation fears reappeared Wednesday afternoon and Thursday morning which erased a lot of the earlier improvements. The data was mixed. The FHFA house price index … Continue reading MIG Market Watch, May 31st 2021<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":6134,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nMIG Market Watch, May 31st 2021 - 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\/2021\/05\/31\/mig-market-watch-may-31st-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MIG Market Watch, May 31st 2021 - Mortgage Investors Group\" \/>\n<meta property=\"og:description\" content=\"Market Comment Mortgage bond prices finished the week higher which helped rates improve slightly. 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