Last week brought a slight dip in mortgage rates as the market holds steady, waiting for clearer direction. Economic data revealed encouraging trends, with the ISM Manufacturing Index climbing to 50.9—the first time above the breakeven mark in over two years—indicating growth in the sector. While the Services Index saw a small decline to 52.8%, it remains solidly in expansion territory. The job market continues to show strength, with the unemployment rate improving to 4.0% and an additional 143K jobs created. Even better, revisions to the previous two months added another 100K jobs, highlighting steady employment gains.
Consumer confidence remains strong, as reflected in last month’s surge in borrowing, which suggests people are making big purchases now rather than waiting. With the market maintaining stability, the Federal Reserve is expected to keep interest rates steady for the foreseeable future.
This week is packed with key economic reports, including CPI, PPI, and Retail Sales. If consumer spending continues its momentum, we could see upward pressure on rates. However, a favorable CPI report could bring rates even lower—great news for homebuyers and homeowners looking to refinance.
If you, or anyone you know, is interested in obtaining mortgage financing, reach out to my team today at 541-815-6596. We’re here to help!
Comments