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Market UpdatesBlog posted On March 04, 2024
Rates trended higher throughout much of last week, but Friday’s economic data helped bring some relief. This week’s jobs reports have a strong influence on rate trends. Let’s take a look at what the week could hold.
Friday’s rate reversal recap
Though rates started Friday trending higher, weak economic data from the consumer confidence report and ISM manufacturing index caused rates to trend lower by the end of the day. Within the ISM index, prices and employment numbers were both lower, signaling lower inflation and weaker manufacturing job growth. Weak jobs & inflation data = good for rates. We should get confirmation on this manufacturing job growth this Friday with the collection of employment situation reports.
This week’s spotlights…
Wednesday
Friday
* = more important/influential reports
Sources: Bloomberg, MBS Highway, Mortgage News Daily