Weak Economic Data May Give Rise to Lower Mortgage Rates

By Stevie Duffin Updated on 12/3/2014

Some weak data out of ADP is helping to lift weaker mortgage bonds today, but not quite enough to go positive. Private payrolls increased in November to 208,000, but below expectations, some around 223,000. ISM data brought good news for the service sector but a dip in employement, reinforcing some bond bounce-back. Watch for static or falling mortgage rates. 

Tomorrow will show jobless claims as usual, and Friday has a slew of data including non-farm payrolls and unemployment. 

Tuesday: Mortgage bonds were in weaker territory thanks to corporate debt issuance. Probably not helping matters was New York ISM manufacturing data, which came back stronger than the 55.0 expected at 62.5, as well as strong construction spending. Mortgage rates rose. 

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• 30 year (FRM) rates at 3.91 (+0.04).
• 15 year (FRM) rates at 3.12 (+0.02).
• FHA 30 year Fixed rates at 3.35% (+0.10).
• Jumbo 30 year Fixed rates at 3.75% (+0.05).
• 5/1 ARM rates at 3.24% (+0.01).