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Tuesday: Fed Chair Powell Nomination Hearing

Summary:
From Matthew Graham at Mortgage News Daily: Mortgage Rates Spiking at Fastest Pace in a Long Time This morning's additional weakness in the bond market brings the average conventional 30yr fixed scenario closer to 3.625% (as always, rate quotes depend on multiple factors, and the overall range is very wide). [30 year fixed 3.64%]emphasis addedTuesday:• At 6:00 AM ET, NFIB Small Business Optimism Index for December.• At 10:00 AM, Testimony, Fed Chair Jerome Powell, Nomination Hearing, Before the Committee on Banking, Housing, and Urban Affairs, U.S. SenateOn COVID (focus on hospitalizations and deaths):COVID Metrics  TodayWeekAgoGoal Percent fully Vaccinated62.5%---≥70.0%1 Fully Vaccinated (millions)207.7---≥2321 New Cases per Day3🚩674,406443,099≤5,0002 Hospitalized3🚩109,87481,843≤3,0002

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From Matthew Graham at Mortgage News Daily: Mortgage Rates Spiking at Fastest Pace in a Long Time
This morning's additional weakness in the bond market brings the average conventional 30yr fixed scenario closer to 3.625% (as always, rate quotes depend on multiple factors, and the overall range is very wide). [30 year fixed 3.64%]
emphasis added
Tuesday:
• At 6:00 AM ET, NFIB Small Business Optimism Index for December.

• At 10:00 AM, Testimony, Fed Chair Jerome Powell, Nomination Hearing, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate

On COVID (focus on hospitalizations and deaths):

COVID Metrics
 TodayWeek
Ago
Goal
Percent fully Vaccinated62.5%---≥70.0%1
Fully Vaccinated (millions)207.7---≥2321
New Cases per Day3🚩674,406443,099≤5,0002
Hospitalized3🚩109,87481,843≤3,0002
Deaths per Day3🚩1,5521,181≤502
1 Minimum to achieve "herd immunity" (estimated between 70% and 85%).
2my goals to stop daily posts,
37-day average for Cases, Currently Hospitalized, and Deaths
🚩 Increasing 7-day average week-over-week for Cases, Hospitalized, and Deaths
✅ Goal met.

COVID-19 Positive Tests per DayClick on graph for larger image.

This graph shows the daily (columns) and 7-day average (line) of positive tests reported.

New cases are at record levels.  It appears likely hospitalizations will exceed the previous 7-day average record of 124,031 a year ago.

Fortunately, deaths are still well below the previous 7-day average record of 3,421 in January 2021.

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