Mortgage Rates Higher Again as Jobs Data Approaches

Mortgage rates continued their retreat from recent lows for a 2nd straight day after this morning’s data suggested the service sector was at its strongest levels in 10 years last month. The Institute for Supply Management (ISM) is responsible for two of the most important economic reports each month. The Manufacturing version was out on Monday and was much weaker than expected. Today’s Non-Manufacturing version (hence ‘service sector’) more than made up for that weakness. The only problem is that bond markets don’t like super strong economic data, and bond market trading levels drive mortgage rates. When the economy is stronger, all sorts of things start happening that are bad for low rates …
Mortgage Rates Newsletter – Market Analysis

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