What will mortgage interest rates do tomorrow? Mortgage professionals are voting in our daily poll. The economic data released today was overlooked by MBS. Factory orders were slightly above forecast, at +2.1 instead of +2.0. Also, the Chicago Fed President Evans said there will be a rate hike in 2016, which comes as no surprise. The real market mover came from European bond pressure. Mortgage rates have been increasing, which could cause lenders to reprice negatively.
Check back Tuesday for international trade for March and ISM Non-manufacturing PMI; Wednesday for ADP national employment; Thursday for the weekly initial jobless claims; Friday all the April data will be released including non-farm payrolls, private payrolls, unemployment rate, manufacutirng payrolls, and average workweek hours.
Friday: The ISM manufacturing index for April came in relatively flat at 51.5% instead of the expected 52.2%. Any reading above 50% indicates growth, no matter how slow that growth may be. Additionally, MBS are at their weakest levels in a month and a half. The month of April saw mortgage rates stay within a narrow range.
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