Mortgage Rates Move Back Down Despite Stronger Data
Mortgage News Daily • • business
Key Points:
- Economic data typically influences mortgage interest rates, with stronger data pushing rates higher, but today's reports did not follow this pattern.
- The ADP Employment report was slightly stronger than expected, resulting in no significant rate reaction.
- The ISM Services index showed a strong performance, reaching its best levels since 2022, which would normally increase rates.
- Despite the strong ISM report, rates did not rise, possibly due to a drop in the inflation component or market focus on geopolitical issues.
- Mortgage rates declined from recent two-week highs, moving back toward their recent lows, which is viewed positively.
