March ISM Report and mortgage rates

This morning ISM data  was released and the report is somewhat bond friendly.  The reading came in at 55.2 for March 2017 and this was below consensus of 57.0.  Also in February the reading came in at 57.6 so it was also weaker compared to the previous month.  Non-manufacturing business activity came in at 58.9 and consensus was 61.5.  Mortgage rates generally benefit from weaker data points.

The prices paid aspect was also weaker in March.  That came in at 53.5 and in February it was 57.7.  New orders were weaker as well; they came in at 58.9 and in February it was 61.2.  Prices paid was the lowest since September and it remains to be seen if the recent weakness is a trend or just a pause before more increases in prices paid.

ISM Mortgage rates will probably start off the morning flat the weaker data as we await updates from the Fed later today.  California refinance rate quotes can be obtained directly from JB Mortgage Capital, Inc.  We offer both fixed rate mortgages and adjustable rate mortgages.  Contact us today at 1-800-550-5538 for a no cost and no obligation quote.  At JB Mortgage Capital, Inc. we have years of experience and we’re “Accredited” with the Better Business Bureau.  So if you are refinancing your current mortgage or buying a new home feel free to call us today for a quote or if you have any questions.