Mortgage rates were slightly higher today for the average lender. Additionally, some lenders bumped rates a bit in the middle of the day in response to weakness in the bond market. … the average lender doesn’t have a ton of incentive to drop rates very quickly given that top tier scenarios are increasingly seeing rates under 3%. [30YR FIXED – 2.96%]
• At 8:30 AM ET, Retail sales for May is scheduled to be released. The consensus is for 8.0% increase in retail sales.
• At 9:15 AM, The Fed will release Industrial Production and Capacity Utilization for May. The consensus is for a 3.0% increase in Industrial Production, and for Capacity Utilization to increase to 66.9%.
• At 10:00 AM, The June NAHB homebuilder survey. The consensus is for a reading of 45, up from 37. Any number below 50 indicates that more builders view sales conditions as poor than good.
• At 10:00 AM, Testimony, Fed Chair Jerome Powell, Monetary Policy Report submitted to the Congress on June 12, 2020, pursuant to section 2B of the Federal Reserve Act, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate