Good Friday AM from your hometown lender,

The end of a slow data week has us just about in the same place as we have been the last few days.

The 10-yr note is at 4.40%. Mortgage Bonds are up a little on the day, but I mean very little. Markets are waiting for the data to come over the next few weeks before the December Fed meeting. Next week brings PCE, The week after the jobs report, and the week after that CPI and PPI. There is lots of volatility on the horizon. It is likely better to lock and float down than to guess which way the markets will be going.

In the wake of the unclear path of mortgage rates, Fannie Mae issued revisions to its 2025 housing market forecast, dropping its estimated gain for existing-home sales next year from 11% to a more muted 4%. The government-sponsored enterprise cited the recent rise in mortgage rates for its revision.

Consumer sentiment is one of those forward-looking metrics I put faith into.

Most economic reports are backward looking so we are looking through the rear-view mirror trying to see where we are going. That is why there are so many revisions and missteps. Consumer sentiment though is like looking through the front windshield. Today’s final November University of Michigan consumer sentiment report showed was expected at 73.0 but slipped back to 71.8. not a huge drop but 71.8 shows many people are not happy or positive on the economy.

Not much else on the news front today.

Stay safe, enjoy the weekend, and first make today great!!!