This week brings us the release of five monthly or quarterly economic reports. None of them are considered to be nearly as important as several of last week's releases were. This leaves other factors such as stock markets movement to influence bond trading and mortgage rates several days this week.

November's Housing Starts report will be released Tuesday morning, but I don't see it causing much movement in mortgage rates. This report, which is expected to show a decline in starts of new homes, gives us an indication of housing sector strength and future mortgage credit demand. But, it can be considered the least important of this week's news.

There is no relevant economic news scheduled for release Wednesday. Thursday brings us two releases with the first being the final revision to the 3rd Quarter GDP. I don't think this data will have an impact on mortgage rates unless it varies greatly from its expected reading. Last month's first revision showed that the economy grew at a 4.9% annual pace during the quarter and this month's revision is expected to show the same.

The second report due Thursday is the Conference Board's Leading Economic Indicators (LEI) for the month of November at 10:00 AM ET. This index attempts to measure economic activity over the next three to six months. It is expected to show a slig ht decline in activity, meaning that it predicts slower economic activity over the next several months. This probably will not have much of an impact on bond prices or affect mortgage rates unless it exceeds current forecasts of a 0.1% decline from October's reading. If it shows a larger decline, the bond market may move slightly higher, improving mortgage rates slightly.

The remaining two reports are scheduled for Friday. The first will be will be posted at 8:30 AM when November's Personal Income and Outlays data will be released. It will give us an important measurement of consumer ability to spend and current spending habits. Since consumer spending makes up two-thirds of the U.S. economy, any related data usually has a fairly significant impact on the financial markets and mortgage rates. Current forecasts are calling for a 0.5% rise in income and a 0.5% increase in spending. If this report reveals smaller than expected increases, we should see the bond market im prove and mortgage rates drop slightly Friday.

The second report of the day comes late morning when the revised University of Michigan Index of Consumer Sentiment for December is posted. Current forecasts are calling for a very minor downward revision from the preliminary reading of 74.5. This is important because rising consumer confidence indicates that consumers may be more apt to make large purchases in the near future. An unexpected upward revision could lead to higher mortgage rates Friday.

Overall, look for Friday to be the most important day of the week simply since the single most important report is being released that day. I am not expecting to see nearly as much movement in rates as we did the past two weeks, however, we may see some movement from one day to another. Just how much movement will depend a lot on how calm or active the stock markets are.

If I were considering financing/refinancing a home, I would.... Lock if m y closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.