From Matthew Graham at Mortgage News Daily: Mortgage Rates Sidestep Near Recent Highs
Mortgage Rates were unchanged in most cases today, keeping them near their highest levels in more than 2 months. … The most prevalent conventional 30yr fixed rate quotes are still an eighth of a point higher than they were last week, with top tier scenarios most likely to be quoted 3.5%. That said, in cases where a quote is .125% higher (e.g. 3.5% this week vs 3.375% last week), points should be slightly lower (or lender credit slightly higher, depending on the scenario). In other words, the total damage from the past few days falls just a bit shy of a full eighth of a percentage point in rates.
• At 8:30 AM ET, The Consumer Price Index for August from the BLS. The consensus is for 0.1% increase in CPI, and a 0.2% increase in core CPI.
• At 10:00 AM, University of Michigan’s Consumer sentiment index (preliminary for September). The consensus is for a reading of 90.8, up from 89.8 in July.
• At 12:00 PM, Q2 Flow of Funds Accounts of the United States from the Federal Reserve.