From Matthew Graham at Mortgage News Daily: Mortgage Rates Jump HigherMortgage rates are noticeably higher to start the new week for most lenders although some lenders increased their costs nearly as much on Friday. Between the two business days (banks were closed on Monday), the average lender is up between 0.125% and 0.25% from Thursday afternoon. [30 year fixed 7.21%]
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• At 8:30 AM, Trade Balance report for July from the Census Bureau. The consensus is for the U.S. trade deficit to be $65.85 billion in July, from $65.5 billion in June.
• At 10:00 AM, the ISM Services Index for August. The consensus is for a reading of 52.6, down from 52.7.
• At 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.