November 17-21, 2025
ECONOMIC UPDATE
Your Guide to the Housing & Mortgage Markets
HEAVY BOND SUPPLY, LIMITED ECONOMIC DATA, FED MINUTES ON WEDNESDAY.
A large supply of corporate and government bonds is scheduled to hit the market this week. Meanwhile, economic data is still quite limited even though the government reopened last week after the longest shutdown in history. That's because economic data is normally collected via economic surveys, and no surveys were conducted during the shutdown. This means October's data for jobs and inflation may be lost indefinitely. The highlight of this week's economic calendar is likely to be the minutes from last month's Federal Reserve meeting, scheduled for release on Wednesday. In early morning trading on Monday, mortgage bonds are struggling in negative territory below their moving averages. Mortgage pricing may worsen this week in the absence of market-moving news.
THIS WEEK'S ECONOMIC CALENDAR.
Here are the economic reports that may impact mortgage rates this week:
| Date | Report | Period | Prior | Est. | Actual |
|---|---|---|---|---|---|
| Mon 17 Nov | NY Fed (Empire State) Mfg. Index | Nov | 10.7 | 6.0 | |
| Tue 18 Nov | *Import Prices | Oct | - | - | |
| Tue 18 Nov | *Industrial Production | Oct | - | - | |
| Tue 18 Nov | *Capacity Utilization | Oct | - | - | |
| Wed 19 Nov | Housing Starts | Oct | - | - | |
| Wed 19 Nov | Building Permits | Oct | - | - | |
| Wed 19 Nov | FOMC Minutes from the Oct meeting | - | - | - | |
| Thu 20 Nov | *Initial Jobless Claims | Week ending Nov 15 | NA | 225k | |
| Thu 20 Nov | Philly Fed Business Index | Nov | -12.8 | -3.1 | |
| Thu 20 Nov | Existing Home Sales | Oct | 4.06M | 4.08M | |
| Fri 21 Nov | S&P Services PMI | Nov | 55.2 | 54.8 | |
| Fri 21 Nov | S&P Mfg. PMI | Nov | 52.2 | 52.0 | |
| Fri 21 Nov | U of Mich Consumer Sent. | Nov | 53.6 | 50.5 |
*Data may be delayed or unavailable due to the government shutdown from Oct. 1 to Nov. 12.