Mortgage rates continued their positive trend last week as economic data remained steady, offering a sense of cautious optimism amidst ongoing uncertainties and political unpredictability. While the numbers weren't overwhelmingly strong, they were far from negative, allowing the market to stay resilient. The ISM Manufacturing Index held steady in expanding territory, just shy of the breakeven mark of 50.0, while the services index saw a slight yet encouraging increase, signaling continued growth in the service side of the economy. Despite some jitters surrounding tariffs and trade policy ambiguity, the Federal Reserve Bank of Atlanta's GDPNow model, though often fluctuating, adjusted its prediction to a modest contraction of -2.4% for the quarter.
Looking ahead, all eyes will be on the upcoming tariffs and inflation data. Both the CPI and PPI are expected to show a 0.3% monthly increase. If the numbers come in lower than expected, we could see mortgage rates move even further downward, especially if concerns around tariffs begin to ease.
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 navigate these times and secure the best possible financing options!
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