Consumer Confidence Index (Conference Board)
November's Consumer Confidence Index (CCI) is the first economic data of the week, scheduled for 10:00 AM ET tomorrow morning. This Conference Board index helps us track consumer willingness to spend. If a consumer's confidence in their own financial and employment situation is strong, analysts believe that they are more apt to make larger purchases in the near future, fueling economic growth. This is important because consumer spending makes up over two-thirds of the U.S. economy and strength in it makes long-term securities such as mortgage-related bonds less attractive to investors. Analysts are expecting to see a decline in confidence from last month's level, meaning surveyed consumers were a less optimistic about their own financial situations this month than they were last month. A weaker reading than the 96.5 that is expected would be good news for mortgage rates, while a stronger reading could push mortgage rates higher tomorrow.