From Matthew Graham at Mortgage News Daily: Mortgage Rates End October Just Off 5-Month Highs
Mortgage Rates moved sideways to slightly lower for the 2nd day in a row, after hitting the highest levels in 5 months on Thursday. While the positive progress is better than a sharp stick in the eye, it nonetheless leaves us right in line with highs for all practical purposes. In fact, virtually all lenders are putting out quotes today that are indistinguishable from Thursday’s for most prospective borrowers. The most prevalently-quoted conventional 30yr fixed rate remains 3.625% on top tier scenarios, with a handful of the most aggressive lenders at 3.5%.
• At 10:00 AM ET, ISM Manufacturing Index for October. The consensus is for the ISM to be at 51.6, up from 51.5 in September. The ISM manufacturing index indicated expansion at 51.5% in September. The employment index was at 49.7%, and the new orders index was at 55.1%.
• At 10:00 AM, Construction Spending for September. The consensus is for a 0.6% increase in construction spending.
• All day: Light vehicle sales for October. The consensus is for light vehicle sales to decrease to 17.6 million SAAR in October, from 17.7 million in September (Seasonally Adjusted Annual Rate).