Here we go with another week. Mortgage rates are basically flat right now but could adjust as the data rolls out over the next few days. The biggest threat to rising rates comes on Friday with the monthly jobs report for March. With rates holding steady, right now is a great time to buy or refinance. Read on for more details.
Where are mortgage rates going?
Rates mostly flat
We got some manufacturing data out this morning and it was mostly solid, pushing Treasury yields up a little bit.
The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, is up about two basis points to 2.76%. That’s keeping mortgage mostly flat as we start the week.
It’s another busy week ahead with a number of significant economic reports out for release, including the ever-important monthly jobs report out for release on Friday morning.
That report is always one of the biggest market movers each month and this time around shouldn’t be any different. Investors will be looking at the average hourly earnings reading, with the hope that we will get a reasonable increase (0.2% monthly increase is what analysts are calling for).
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Rate/Float Recommendation
Lock now while rates are lower
Mortgage rates have held steady over the past couple of weeks now, which is against the trend we’ve seen all year of rates steadily moving higher.
Long-term, we believe that rates will continue to move notably higher so borrowers that take action sooner rather than later are likely going to get the better deal on a purchase or refinance.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
PMI Manufacturing Index
The PMI Manufacturing Report for March came in at 55.6.
ISM Manufacturing Index
The ISM Manufacturing Index hit a 59.3 for March. That’s slightly below the consensus for 60.8 that analysts had expected.
Construction Spending
Construction spending rose 0.1% in February, bringing it to 3.0% year over year.
Fedspeak
- Minneapolis Fed President Neel Kashkari at 6:00pm.
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Notable events this week:
Monday:
- PMI Manufacturing Index
- ISM Manufacturing Index
- Construction Spending
- Fedspeak
Tuesday:
- Fedspeak
Wednesday:
- ADP Employment Report
- Fedspeak
- PMI Services Index
- Factory Orders
- FOMC Minutes
- ISM Non-Mfg Index
- EIA Petroleum Status Report
Thursday:
- Jobless Claims
- International Trade
- Fedspeak
Friday:
- Monthly Jobs Report
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from Total Mortgage Blog https://ift.tt/2Ee01se
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