Trading activity in the mortgage market so far today has been thin and listless. The economic calendar offered nothing for investors to chew on. Normally under these conditions mortgage investors tend to look to the stock markets for directional cues when setting rates and prices for the day - but nothing much is shaking in that arena either.
Looking ahead to next week -- Uncle Sam will be in the credit markets Monday through Wednesday conducting a $96 billion, three-part auction featuring 2-, 5- and 7-year notes. All three offerings will likely be well bid. If so, these events will not likely influence the direction of mortgage interest rates one way or the other.
The economic calendar will feature revised Q3 Gross Domestic Product figures on Tuesday. The Existing Home Sales and New Home Sales data will appear at 10:00 a.m. ET on Tuesday and Wednesday respectively. This battery of macro-economic data is individually and collectively expected to be mortgage market neutral.
The mortgage market will operate on a normal schedule on Wednesday, November 24th, it will be closed on Thursday for the Thanksgiving Holiday and the mortgage market will operate on an abbreviated schedule on Friday, November 26th with an early close at 2:00 p.m. ET.
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