Mortgage Rates Today, Nov. 18, 2024: Slow Start to This Week Unless Election Fever Continues

In brief

As far as economic reports go, it's a very quiet start to the week for mortgage rates. Indeed, the first reports that might typically move those rates noticeably don't land until Friday.

But that doesn't mean mortgage rates won't move before then. The possible economic implications of the Nov. 5 election are still causing widely diverging expectations in markets.

There should be plenty of pluses. Deregulation may well boost productivity, reinvigorate Wall Street, and create growth — though workers and consumers might lose some protections. But there are still serious concerns about some of President-elect Donald Trump's rhetoric on the campaign trail.

The confused picture was admirably summed up in a quote we included in last Friday's edition by The Economist magazine's editor-in-chief. Pondering the likely impact of the president-elect's plans on the economy, she suggested: "The conclusion markets seem to be drawing is that things will work out just fine. And indeed Mr Trump’s commitment to deregulation may be good for growth. But the same can’t be said of his plan to deport millions of irregular migrants and impose sweeping tariffs, especially on China. Soon the hyperbole of campaign pledges will come into contact with the messy reality of governing. Then we will begin to understand the real impact of Trumponomics."

Meanwhile, a MarketWatch report on Saturday morning had the headline, "Investors are bracing for higher-for-even-longer interest rates."

And yesterday's Wall Street Journal reported, "A roaring market rally since the U.S. presidential election has driven up the price of everything from shares of technology and manufacturing giants to cryptocurrencies. Many investors are betting it has room to run."

But this morning's Financial Times has a headline, "What to expect from the markets under Trump." The article begins, "We’ll get a short-term high — but many investors are worrying about what comes next."

With so much uncertainty and conflicting analysis, it's easy to see why investors are taking so long to decide how to react to the general election result.

Coming up

Mortgage rates today and this week

This morning's sole economic report is this month's home builder confidence index. And reports concerning real estate rarely have much effect on mortgage rates.

And that brings us to tomorrow's two reports, October housing starts and building permits. They're unlikely to have a perceptible impact, either.

Wednesday brings no reports. And Thursday's are more likely to produce ripples than waves. Friday may prove more interesting, but likely only a bit more.

We'll brief you in more detail on those reports due later in the week closer to the time.

Senior Federal Reserve officials share eight speaking engagements this week, with at least one every day. With markets now wondering whether the Fed will cut general interest rates on Dec. 18, their words might carry more weight than usual.