Wednesday: ADP Employment, ISM Non-Mfg, Beige Book

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From Matthew Graham at Mortgage News Daily: Mortgage Rates Deeper into 2 Month Lows as Stocks Swoon

On a somewhat frustrating note, mortgage rates didn’t experience nearly as big of a move as the broader bond market. For instance, 10yr Treasuries–the most widely-used benchmark for longer-term interest rates) dropped 0.05% today. Mortgages only managed to drop by 0.02% in terms of effective rates. [30YR FIXED – 4.875]
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• At 7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:15 AM: The ADP Employment Report for November. This report is for private payrolls only (no government).  The consensus is for 175,000 jobs added, down from 227,000 in October.

• At 10:00 AM: the ISM non-Manufacturing Index for November.  The consensus is for a decrease to 59.0 from 60.3.

• POSTPONED: At 10:15 AM: Testimony, Fed Chair Jerome Powell, The Economic Outlook, Before the Joint Economic Committee, U.S. Senate

• At 2:00 PM: the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.

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