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Tuesday: Case-Shiller House Prices

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by Calculated Risk on 8/30/2021 08:30:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Fall Back to 3 week Lows

Mortgage rates drifted lower again today, with the average lender getting back down to the lowest levels since the first week of August. In a general sense, today’s friendly rate momentum represented follow-through momentum after Fed Chair Powell soothed the market on Friday morning.

Specifically, the labor market needs to show that it can weather the various storm cycles of the pandemic. To that end, there are several upcoming reports that can offer some clarity with this Friday’s jobs report being the most important. In other words, even if the Fed doesn’t have anything new to say this week, an exceptionally strong jobs report could easily push rates back up. [30 year fixed 2.91%]
emphasis added

Tuesday:
o At 9:00 AM ET, S&P/Case-Shiller House Price Index for June. The consensus is for a 18.6% year-over-year increase in the Comp 20 index for June.

o Also at 9:00 AM, FHFA House Price Index for June. This was originally a GSE only repeat sales, however there is also an expanded index.

o At 9:45 AM, Chicago Purchasing Managers Index for August.

August 30th COVID-19: Data reported on Monday is always low, and will be revised up as data is received

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