![Measure of Consumer Confidence Index Measure of Consumer Confidence Index](https://i0.wp.com/upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Consumer_Confidence_Index.gif/300px-Consumer_Confidence_Index.gif)
Confidence among U.S. consumers rose in September from the lowest level since November 2008 as Americans’ views of current economic conditions improved.The Thomson Reuters/University of Michigan preliminary index of consumer sentiment climbed to 57.8 this month from 55.7 in August. The median estimate of economists surveyed by Bloomberg News called for a reading of 57. The group’s measure of consumer expectations six months from now dropped to the lowest level since May 1980.
The Michigan survey’s index of current conditions, which reflects Americans’ perceptions of their financial situation and whether it is a good time to buy big-ticket items like cars, increased to 74.5 from 68.7 the prior month.
This is very important to the housing industry because it it not interest rates but the consumer’s outlook on the economy that drives demand for housing.
The following are the major economic reports that will hit the market this week. They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages. I will be watching these reports closely for you and let you know if there are any big surprises:
Date | Time | Economic Release |
19-Sep | 10:00 | NAHB Housing Market Index |
19-Sep | 10:30 | Barack Obama Press Conference |
20-Sep | 8:30 | Building Permits (MoM) |
20-Sep | 8:30 | Housing Starts (MoM) |
21-Sep | 7:00 | MBA Mortgage Applications |
21-Sep | 10:00 | Existing Home Sales (MoM) |
21-Sep | 10:00 | Existing Home Sales Change |
21-Sep | 10:30 | EIA Crude Oil Stocks change |
21-Sep | 14:15 | Fed Interest Rate Decision |
21-Sep | 14:15 | Fed’s Press Conference |
22-Sep | 8:30 | Continuing Jobless Claims |
22-Sep | 8:30 | Initial Jobless Claims |
22-Sep | 10:00 | Housing Price Index (MoM) |
22-Sep | 10:00 | Leading Indicators (MoM) |
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