Today's Report Had Little Change In Today's Mortgage Rates 4-4-2018
By James Brooks
The bond market is up 1/32 (2.77%), which should prevent much of a change in Raleigh area mortgage rates.
March?s ADP Employment report was released at 8:15 AM ET, revealing 241,000 new private-sector jobs. This was higher than forecasts of 190,000, hinting at strength in the employment sector. This report isn?t as reliable as Friday?s monthly government report is considered to be, but because the markets pay some attention to it, we should consider it to be bad news for mortgage rates.
Late this morning, the Commerce Department announced a 1.2% rise in new orders at U.S. factories in February. This report tracks new orders for both durable and non-durable goods, giving us an indication of manufacturing sector strength. Since analysts were expecting to see a 1.7% increase, we can count this report as good news for mortgage rates.
Tomorrow?s sole relevant economic release will be last week?s unemployment figures at 8:30 AM ET. They will give us a small snapshot of employment sector strength but are not considered to be key numbers. Analysts were expecting to see that 225,000 new claims for unemployment benefits were filed last week. This would be an increase from the previous week?s 215,000 initial filings. Good news would be an increase as rising claims is a sign of weakness in the sector. However, don?t expect this report to cause much movement in rates. The markets will be much more focused on tariff-related movement in the markets and Friday?s key Employment report.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now.