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By G. Steven Bray
Holiday weeks can be tricky for mortgage rate watchers. Light trading volume means that a couple big trades can move rates quickly and seemingly without reason. The movement could be in either direction, so if you’re floating your rate, watch for an opportunity to lock this week. As often as not, rates will rebound in the following week.
But if rates wanted a reason to move, this week is full of economic data. Of course, this assumes bond markets care about economic data again. Tomorrow brings an update of 3rd quarter GDP, consumer confidence, and some housing data. If anyone is still working on Wed, the personal income data could be interesting given that many analysts blame the lackluster economic recovery on negligible income growth.
But what’s really important this week is setting your DVR to record conflicting football games and formulating your Black Friday plan. In between, I hope you get some quality time with your family. We’re thankful you watched today and wish you a very happy and safe Thanksgiving holiday.