• At 8:30 AM ET, Retail sales for May will be released. The consensus is for retail sales to increase 0.3% in May.
• At 9:00 AM ET,NFIB Small Business Optimism Index for May.
• At 10:00 AM ET, Manufacturing and Trade: Inventories and Sales (business inventories) report for April. The consensus is for a 0.2% increase in inventories.
From Matthew Graham at Mortgage News Daily: Yep, Mortgage Rates Are Still Super Low!
Mortgage rates haven’t moved too much recently, and no one is complaining. While each of the past 5 days has only seen a modest drop in rates, they were already operating near 3-year lows. They officially hit new 3-year lows late last week, meaning today’s modest improvement only takes us deeper into that territory.
It gets better. Three-year lows also happen to be pretty close to all-time lows. In terms of the average conventional 30yr fixed rate on a top tier scenario, we’re talking about the difference between 3.5% today and 3.25% in late 2012. Those all-time lows were only available for a few weeks back then, and it was 3.375% that was the most commonly-quoted rate “all-time low” from there on out. So that’s an eighth of a point between now and then–roughly $12/month on a $200k loan.