Mortgage Blog

Economy Events for the week of August 24th

August 23rd, 2009 10:48 PM by Eric Fang

The release of August's Consumer Confidence Index (CCI).
This index measures consumer sentiment about their own
financial situations, giving us a measurement of
willingness to spend. That is important because
consumer spending makes up two thirds of the U.S.
economy. It is expected to show a reading of 48.0 ,
which would be an increase from July's 46.6.
Any weakness will drive the rates lower.

July's Durable Goods Orders & July's New Home Sales data.
The Durable Goods Orders data tracks orders at U.S.
factories for big-ticket items, or products that are
expected to last three or more years.

Also, there is a 5-year Note Auction on Wednesday.

Release of 2nd Quarter GDP & Auction of 7-year Note.

Overall, we will likely see the most activity in rates
Tuesday morning, but Wednesday and Thursday are also
important. If we manage to get weaker than expected
results in the key reports and the auctions go well,
we should see mortgage rates close the week lower
than Monday's opening levels. But stronger than expected
results in the economic reports and disappointing results
in the Treasury sales will most likely lead to rates
moving higher this week.

Posted in:General
Posted by Eric Fang on August 23rd, 2009 10:48 PM



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