Updated on January 22, 2021 10:05:25 AM EST
Today’s only relevant economic data came from the National Association of Realtors at 10:00 AM ET. Their Existing Home Sales report for December showed that home resales rose 0.7% last month, exceeding forecasts. The increase brought annual sales to their highest level since 2006, showing that the housing sector remains one of the few bright spots in the economy. Accordingly, we should consider the data bad news for bonds and mortgage rates.
Next week has a large number of economic releases and other events scheduled that have the potential to affect mortgage rates. Some of the data being posted is considered to be very important to the markets. In addition to the large number of economic reports, we also have two moderately important Treasury auctions and the first FOMC meeting of the new year taking place. It will undoubtedly be an active week in the financial and mortgage markets. Monday is the only day that doesn’t have at least one item scheduled. Look for details on all of next week’s relevant activities in Sunday evening’s weekly preview.
©Mortgage Commentary 2021