In the week starting December 10, 2018, mortgage rates were even after two weeks of declines to the lowest levels since September 2018.
Trade tensions between the United States and China seemed to relax for the week, writes Zillow director of economic research Aaron Terrazas, after the Chinese announcement of new foreign investment policies "that most perceived to be more welcoming to foreign businesses." The stock market responded positively and pushed rates downward, though the momentum was curbed by burgeoning political unrest in the United Kingdom, France, and Spain.
Next week’s much-anticipated meeting of the Federal Reserve Open Market Committee will shape expectations for the week ahead. Markets expect another rate hike in December, but the committee’s forward guidance will be the more important determinant of long-term rates. Before that, eyes will be on Friday’s release of November retail data – key metrics that reflect holiday spending and consumer sentiment.
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