Volatility in the financial markets continued last week. Tuesday turned out to be one of the worst days for mortgage rates in history. Consumer confidence was strong, year-over-year home prices rose sharply and the stock market continued to rise. Mortgage rates ended the week about 1.5 discount points higher. Rising mortgage rates suggest that home buyers may benefit from considering hybrid adjustable rate mortgages; the average rate for a 5/1 hybrid ARM was 2.66 percent with 0.50 percent in discount points. Week Of Mon, Jun 3 2013 - Fri, Jun 7 2013 | |||||
Time | Event | Period | Unit | Forecast | Prior |
| Mon, Jun 3 | |||||
| 08:58 | Markit Manufacturing PMI | May | -- | -- | 51.9 |
| 10:00 | Construction spending | Apr | % | 1.0 | -1.7 |
| 10:00 | ISM Manufacturing | May | -- | 50.5 | 50.7 |
| Tue, Jun 4 | |||||
| 08:30 | International Trade | Apr | bl | -41.0 | -38.8 |
| Wed, Jun 5 | |||||
| 07:00 | MBA Mortgage market index | w/e | -- | -- | 721.4 |
| 08:15 | ADP National Employment | May | k | 160 | 119 |
| 08:30 | Productivity Revised | Q1 | % | 0.7 | 0.7 |
| 08:30 | Labor costs Revised | Q1 | % | 0.5 | 0.5 |
| 10:00 | ISM N-Mfg PMI | May | -- | 53.3 | 53.1 |
| 10:00 | ISM N-Mfg Bus Act | May | -- | 55.0 | 55.0 |
| 10:00 | Factory orders mm | Apr | % | 1.5 | -4.9 |
| Thu, Jun 6 | |||||
| 08:30 | Initial Jobless Claims | w/e | k | 345 | 354 |
| Fri, Jun 7 | |||||
| 08:30 | Non-Farm Payrolls | May | k | 160 | 165 |
| 08:30 | Unemployment rate mm | May | % | 7.5 | 7.5 |
| 08:30 | Average workweek hrs | May | hr | 34.5 | 34.4 |
| 08:30 | Average earnings mm | May | % | 0.2 | 0.2 |
| 15:00 | Consumer credit | Apr | bl | 12.50 | 7.97 |