Forecast for the Week 
- ISM Services Index will be released on Monday.
- On Tuesday, third quarter Productivity will be delivered.
- As usual, weekly Initial Jobless Claims will be reported on Thursday.
- Closing out the week, the Consumer Sentiment Index will be released on Friday.
Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve. In contrast, strong economic news normally has the opposite result. The chart below shows Mortgage Backed Securities (MBS), which are the type of Bond on which home loan rates are based.
When you see these Bond prices moving higher, it means home loan rates are improving. When Bond prices are moving lower, home loan rates are getting worse.
To go one step further, a red “candle” means that MBS worsened during the day, while a green “candle” means MBS improved during the day. Depending on how dramatic the changes are on any given day, this can cause rate changes throughout the day, as well as on the rate sheets we start with each morning.
Chart: Fannie Mae 3.5% Mortgage Bond (Friday December 02 2016)
The Mortgage Market Guide View…
Affordable Care Act Tax Scam Alert
The Internal Revenue Service has announced the latest scam to hit the country, which features a fake notice that the recipient owes money due to the Affordable Care Act. If you or someone you know receives a suspicious message you’re not sure is from the IRS, you’ll want to know these details:
Fake notices designed to look like actual IRS CP2000 notices (sent when information received about your income doesn’t match your tax return) will claim you owe money for the previous tax year under the Affordable Care Act.
Emailed notices are a red flag because the IRS doesn’t initiate communication by email. These emails may include a link to make an online payment. Fake payment processing websites can not only defraud you but also steal your identity or infect your computer.
Mailed notices may request that a check made payable to “I.R.S.” be sent. However, legitimate CP2000 notices request taxpayers only make checks payable to “United States Treasury.”
- Initiate contact by email, text or social media
- Request payments via gift card, prepaid debit card or wire transfer
- Threaten immediate arrest or deportation for failure to pay
If you or anyone you know receives a suspicious notice, a copy should be immediately sent to phishing@irs.gov and then deleted from your email account. The Federal Trade Commission should also be notified.
Please feel free to pass these helpful tips along to your team, clients and colleagues.
Economic Calendar for the Week of December 05 – December 09
|
Date
|
ET
|
Economic Report
|
For
|
Estimate
|
Actual
|
Prior
|
Impact
|
| Tue. November 22 |
10:00
|
Existing Home Sales |
Oct
|
NA
|
5.47M
|
Moderate
|
|
| Wed. November 23 |
08:30
|
Durable Goods Orders |
Oct
|
NA
|
-0.1%
|
Moderate
|
|
| Wed. November 23 |
08:30
|
Jobless Claims (Initial) |
11/19
|
NA
|
235K
|
Moderate
|
|
| Wed. November 23 |
10:00
|
Consumer Sentiment Index (UoM) |
Nov
|
NA
|
91.6
|
Moderate
|
|
| Wed. November 23 |
10:00
|
New Home Sales |
Oct
|
NA
|
593K
|
Moderate
|
|
| Wed. November 23 |
02:00
|
FOMC Minutes |
Nov 2
|
NA
|
NA
|
HIGH
|
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Mortgage Info By Michelle Wickett 