Weekly Market Update

Mortgage rates trended lower for most of last week, offering welcome relief to borrowers as markets responded to the latest employment data. The ISM Services Index came in at 50.1, showing that the service sector continues to expand—albeit modestly—reflecting a resilient and steady economy. A key highlight was the “prices paid” component, which rose to its highest level since October 2022, signaling renewed activity and demand across the service sector.

In Washington, the president’s decision to make leadership changes at the Bureau of Labor Statistics has opened the door for potential improvements in how economic data is gathered and analyzed. While opinions differ, many view this as a chance to enhance transparency and accuracy in the nation’s most closely watched reports.

This week presents a valuable opportunity to gain further insight into the health of the economy, with CPI, PPI, Retail Sales, and Industrial Production all on deck. Markets are currently pricing in a strong 90% chance of a rate cut at the Fed’s next meeting. Should inflation data come in favorably, that probability may climb even higher—potentially driving mortgage rates down further. And if Retail Sales or Industrial Production show softness, it could strengthen the case for lower rates ahead, creating even more opportunities for homebuyers and homeowners.

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 you take advantage of this promising market.