February 2015 Chicago PMI

Mortgage rates we’re influenced today by a weak Chicago PMI report.  February’s Chicago PMI fell to 45.9 (missing expectations of 57.5).  This is the lowest it’s been since July 2009. Also, this is the biggest drop since the collapse of Lehman Brothers in Oct 2008. New Orders suffered the largest monthly decline on record, leaving them at the lowest since June 2009.

Some say the bad report is the result of bad weather and the west coast port shut down.  While the port issue probably caused some problems; the weather seems to be a weak argument since it is February and that generally means bad weather.