Mortgage Rates Pause Ahead of Big Events

Mortgage rates paused today after moving swiftly higher over the past two days. Markets reacted to two important pieces of data this morning, ADP Employment and the ISM Services Index. Both of these are regarded as relevant anecdotes for the even more important Nonfarm Payrolls data coming up at the end of the week, but in today’s case, they generally offset each other. Weaker ADP numbers helped bond markets improve this morning and stronger ISM data (particularly the employment component) took things back in the other direction. Lenders were mostly already priced defensively enough to absorb the bond market weakness (meaning rate sheets weren’t much improved from yesterday, despite the stro…
Mortgage Rates Newsletter – Market Analysis

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