Quiet economic week was welcomed! First bit of news, actually all the news, was last Thursday as the revised Q3 GDP came out showing the economy grew at 3.5% annualized.

October home new home sales fell 8.9% from the September number – both got little reaction from mortgage investors as expected.

October’s Personal income was up 0.5% and spending was up 0.6% the core PCE was up 0.2% – this was also not mortgage interest rate moving.

Then at 11am, the Fed minutes from there FOMC meeting, showed an almost unanimous feeling that the funds rate should be raised 0.25% more in December. Which was an expected outlook, so investors didn’t react to this.

It seems that the mortgage back security investors have called it a year. It would be nice to have smooth sailing until the end of the year, but there is more news to come…