Bond Market Update
Bond Market Update
Market Update
Wednesday, November 26, 2025
What's going on, and why does it matter?
Mortgage bonds opened slightly lower this morning as the last full trading day of November gets underway. The market is closed tomorrow for Thanksgiving, and only a half-day of trading is scheduled for Friday. On today's economic calendar so far, weekly jobless claims ticked lower last week, and September Durable Goods Orders declined from the prior month. Meanwhile, the Mortgage Bankers Association reported this morning that mortgage applications ticked slightly higher last week, and are 53% higher than at this time last year.
What should you do about it?
Watch and see if mortgage bonds can remain in positive territory above their 30-day moving average, but be prepared to lock your rate if they break below that level.
Economic Calendar
| Date | Report | Period | Prior | Est. | Actual |
|---|---|---|---|---|---|
| Tue 25 Nov | *Retail Sales | Sep | 0.6% | 0.4% | 0.2% |
| Tue 25 Nov | *PPI month-over-month | Sep | -0.1% | 0.3% | 0.3% |
| Tue 25 Nov | *Core PPI month-over-month | Sep | -0.1% | 0.3% | 0.1% |
| Tue 25 Nov | *Business Inventories | Aug | 0.1% | 0.1% | 0.0% |
| Tue 25 Nov | Consumer Confidence | Nov | 95.5 | 93.5 | 88.7 |
| Tue 25 Nov | Pending Home Sales Change | Oct | 0.0% | 0.0% | 1.9% |
| Wed 26 Nov | *Initial Jobless Claims | Week ending Nov 22 | 220k | 227k | 216k |
| Wed 26 Nov | Durable Goods Orders | Sep | 2.9% | 0.2% | 0.5% |
| Fri 28 Nov | Chicago PMI | Nov | 43.8 | - |
*Data may be delayed or unavailable due to the government shutdown from Oct. 1 to Nov. 12.