Mortgage rates rise on trade optimism
Mortgage rates coming under some pressure the past few days, consolidating some of our recent gains. Optimism of a trade deal with China and strong economic data are driving the increase.
This Friday we get all the March job/employment data. Because there has been so much talk about a slowing economy and the February job numbers were much lower than expected, the markets will be watching to see if February was just a one off or if it is a sign of a slowing trendline. If today’s ISM manufacturing report is any indication, our economy is still strong. ISM manufacturing represents 2/3 of our economy and still shows expansion. In fact, the top 4 world economies still showing expansion from reports this week.
This good news is causing some pressure on mortgage rates to rise, but continuing issues with Brexit and now with the Mexico/US Border possible shutdown on the horizon is providing some support for rates to remain low. It’s always something folks.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.