ISM Causes A Super Brief Push Higher
Earlier today was the ISM Non-Manufacutring PMI and it came in stronger than anticipated. The market was expecting the report to come in at 54.5 and the actual reading came in at 55.0. The higher than expected reading sparked a quick sell off that didn’t last very long. In fact ten minutes after the report bonds were generally flat.
Overall mortgage rates look good; especialy the 30 year and 15 year fixed rate terms. Refinance or purchase; the 30 year fixed is below 3.625% (A paper) and the 15 year fixed is below 3.125% (A paper) - and just to be clear that is not a quote :). Just general information on what the market looks like
Tomorow is the ADP Employment report and the forecast is for 160,000 jobs created. There is also the weekly Mortgage Market Index and the Consumer Credit report for November.