Monday, December 2, 2013 / by David White
by Caliber Home Loans, Inc or special contributors on 12/02/13
Weekly Update | December 2, 2013
While trading volume was relatively light throughout the short week of Thanksgiving, mortgage rates worsened after Wednesday morning's economic releases either met or beat expectations, including Initial Jobless Claims, Durable Goods Orders, the Chicago Purchasing index, the University of Michigan Consumer Confidence index, and Leading Indicators.
Initial Jobless Claims of 316,000 was much better than its 330,000 estimate, remaining below its 350,000 level for an improving employment outlook. The Leading Indicators increased 0.2 percent last month, beating its flat estimate, indicating significant increases in factory orders and applications for new-home construction. The University of Michigan Consumer Confidence of 75.1 was better than its 73.1 estimate, indicating a return to faith in the U.S. economy following the government shutdown. Earlier in the week, Building Permits beat expectations while Pending Home Sales was the only major release that fell short of expectations, as contracts for previously existing homes fell for the fifth straight week alongside of higher borrowing costs.
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