{"id":8591,"date":"2024-07-22T09:25:44","date_gmt":"2024-07-22T13:25:44","guid":{"rendered":"https:\/\/migonline.com\/blog\/?p=8591"},"modified":"2024-07-22T09:25:46","modified_gmt":"2024-07-22T13:25:46","slug":"mig-market-watch-july-22nd-2024","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2024\/07\/22\/mig-market-watch-july-22nd-2024\/","title":{"rendered":"MIG Market Watch, July 22nd, 2024"},"content":{"rendered":"\n

Market Comment<\/strong><\/p>\n\n\n\n

Mortgage bond prices finished the week lower which put upward pressure on rates. Trading was up and down but within a relatively narrow range throughout the first portion of the week. A selloff Thursday afternoon and Friday morning closed the week on a negative note. There were several data releases, and the results were mixed. NAHB housing was 42 vs 44. Industrial production rose 0.6% vs 0.3%. Capacity use was 78.8% vs 78.4%. Housing starts came in at 1.353M vs 1.3M. Leading economic indicators fell 0.2% vs 0.3%. Weekly jobless claims were 243K vs 230K. The Philadelphia Fed index was 13.9 vs 2.9. Mortgage interest rates finished the week worse by approximately 1\/4 of a discount point.


Looking Ahead<\/strong><\/p>\n\n\n\n

Economic Indicator<\/strong><\/th>Release Date & Time<\/strong><\/th>Consensus Estimate<\/strong><\/th>Analysis<\/strong><\/th><\/tr><\/thead>
Existing Home Sales<\/td>Tuesday, July 23,
10:00 am, et<\/td>		4M<\/td>Low importance. An indication of mortgage credit demand. Significant weakness may lead to lower rates.<\/td><\/tr>
2-year Treasury Note Auction<\/td>Tuesday, July 23,
1:15 pm, et<\/td>		None<\/td>Important. Notes will be auctioned. Strong demand may lead to lower mortgage rates.<\/td><\/tr>
New Home Sales<\/td>Wednesday, July 24,
10:00 am, et<\/td>		640K<\/td>Important. An indication of economic strength and credit demand. Weakness may lead to lower rates.<\/td><\/tr>
5-year Treasury Note Auction<\/td>Wednesday, July 24,
1:15 pm, et<\/td>		None<\/td>Important. Notes will be auctioned. Strong demand may lead to lower mortgage rates.<\/td><\/tr>
Durable Goods Orders<\/td>Thursday, July 25,
8:30 am, et<\/td>		Up 2%<\/td>Important. An indication of the demand for \u201cbig ticket\u201d items. Weakness may lead to lower rates.<\/td><\/tr>
Q2 GDP<\/td>Thursday, July 25,
8:30 am, et<\/td>		Up 1.1%<\/td>Very important. The aggregate measure of US economic production. Weakness may lead to lower rates.<\/td><\/tr>
Personal Income and Outlays<\/td>Friday, July 26,
8:30 am, et<\/td>		Up 0.4%,
Up 0.3%<\/td>		Important. A measure of consumers\u2019 ability to spend. Weakness may lead to lower mortgage rates.<\/td><\/tr>
PCE Core Inflation<\/td>Friday, July 26,
8:30 am, et<\/td>		Up 0.1%<\/td>Important. A measure of price increases for all domestic personal consumption. Weaker figure may help rates improve.<\/td><\/tr>
U of Michigan Consumer Sentiment<\/td>Friday, July 26,
10:00 am, et<\/td>		66.0<\/td>Important. An indication of consumers\u2019 willingness to spend. Weakness may lead to lower mortgage rates.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Existing Home Sales<\/strong><\/p>\n\n\n\n

The National Association of Realtors releases existing home sales data near the end of each month. The data is derived from a sampling of MLS data across the nation. The release shows the current sales rate for existing single-family, coops, and condos. A national figure and four regional figures are provided. The housing market is a critical component of the US economy. A house is usually one of the largest assets a consumer owns. Housing usually leads market recoveries or can signal trouble ahead. The future of the housing market remains uncertain. While the release usually is not a big market mover it still has the potential to result in some market volatility and provides a snapshot of the health of the housing industry.<\/p>\n","protected":false},"excerpt":{"rendered":"

Market Comment Mortgage bond prices finished the week lower which put upward pressure on rates. Trading was up and down but within a relatively narrow range throughout the first portion of the week. A selloff Thursday afternoon and Friday morning closed the week on a negative note. There were several data releases, and the results … Continue reading MIG Market Watch, July 22nd, 2024<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":8583,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/posts\/8591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/comments?post=8591"}],"version-history":[{"count":1,"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/posts\/8591\/revisions"}],"predecessor-version":[{"id":8592,"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/posts\/8591\/revisions\/8592"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/media\/8583"}],"wp:attachment":[{"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/media?parent=8591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/categories?post=8591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/migonline.com\/blog\/wp-json\/wp\/v2\/tags?post=8591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}