Bond Market Update
Bond Market Update
Market Update
Friday, November 21, 2025
What's going on, and why does it matter?
br> Mortgage bonds are rallying in early morning trading after New York Fed President Williams indicated in prepared remarks that a December rate cut from the Federal Reserve may still be on the table. This may also trigger a relief rally in the stock market after several days of declines. Later this morning, the market will digest the University of Michigan Consumer Sentiment report and the S&P Services and Manufacturing PMI reports.
What should you do about it?
Enjoy the rally in mortgage bonds, but be prepared to lock your rate if the market changes direction.
Economic Calendar
Economic reports that may impact mortgage rates this week:
| Date | Report | Period | Prior | Est. | Actual |
|---|---|---|---|---|---|
| Tue 25 Nov | *Retail Sales | Sep | 0.6% | 0.4% | |
| Tue 25 Nov | *PPI month-over-month | Sep | -0.1% | 0.3% | |
| Tue 25 Nov | *Core PPI month-over-month | Sep | -0.1% | 0.3% | |
| Tue 25 Nov | *Business Inventories | Aug | 0.2% | 0.1% | |
| Tue 25 Nov | Consumer Confidence | Nov | 94.6 | 93.5 | |
| Tue 25 Nov | Pending Home Sales Change | Oct | 0.0% | 0.0% | |
| Wed 26 Nov | *Initial Jobless Claims | Week ending Nov 22 | 220k | 227k | |
| Wed 26 Nov | Durable Goods Orders | Sep | 2.9% | 0.2% | |
| 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.