Michael Inkman

Fairway Independent Mortgage Corp.

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What’s Ahead For Mortgage Rates This Week – October 28th, 2024

October 28, 2024 by Michael Inkman

This week saw relatively light activity, primarily focused on discussions with the Federal Reserve Board. The only truly notable report released was the Consumer Sentiment Report, which happily reported that sentiment had risen for the month of October. Meanwhile, the Federal Reserve’s latest Beige Book survey noted a slight decline in manufacturing activity.

Consumer Sentiment (Final)

Confidence among Republicans in a potential Donald Trump victory helped drive consumer sentiment to a six-month high less than two weeks before the U.S. presidential election. The University of Michigan reported on Friday that the initial October reading of consumer sentiment rose to 70.5, up slightly from 70.1 in the previous month—marking the highest level since April.

Federal Reserve’s Beige Book

The Federal Reserve’s latest Beige Book survey of conditions across the country continued to paint a weak picture, with nine out of 12 regional district banks reporting flat or a slight decline in activity. Most districts reported declining manufacturing activity and consumers were reported to be on the hunt for bargains.

Primary Mortgage Market Survey Index

  • 15-Yr FRM rates saw an increase of 0.08% with the current rate at 5.71%
  • 30-Yr FRM rates saw an increase of 0.10% with the current rate at 6.54%

MND Rate Index

  • 30-Yr FHA rates saw a 0.23% increase for this week. Current rates at 6.36%
  • 30-Yr VA rates saw a 0.24% increase for this week. Current rates at 6.38%

Jobless Claims

Initial Claims were reported to be 227,000 compared to the expected claims of 245,000. The prior week landed at 242,000.

What’s Ahead

With such a light release schedule the previous week, we should be returning to a heavier release schedule next week. The most relevant and impactful reports are job releases, personal income, non-farm payrolls, S&P Manufacturing PMI final statistics, and JOLTS job change openings.

Filed Under: Financial Reports Tagged With: Financial Report, Jobless Claims, Mortgage Rates

Michael Inkman

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michael@michaelinkman.com
Mobile: (214) 762-4659
NMLS #152707

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