Personal Spending Down, Mortgage Rates Down
30 April 2007
Mortgage Rate Outlook: Float
Today’s market reacted positively to the release of March’s Personal Income and Outlays report.ﾃつ Today’s mortgage rates are down approximately .25 points.
The Personal Income and Outlays report showed an increase of .7% in income and a .3% rise in spending.ﾃつ ﾃつ Spending was less than expected, and this is good news for mortgage rates.
ISM (Institute for Supply Management) posts their manufacturing index tomorrow, which will give us a read this month on the health of the manufacturing sector.ﾃつ If we see strong growth here, it could increase mortgage rates.ﾃつ But if we see weakness, it could help rates continue to drop.
Friday’s jobs data will be the most significant report of the week.ﾃつ We have the biggest potential this week for rate volatility tomorrow and Friday.
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