Homebuyers Benefit from Low Mortgage Rates in Stagnant Spring Housing Market.

Mortgage rates have decreased as investors reacted to economic data that showed contraction in the manufacturing sector. The Institute for Supply Management (ISM) publishes a monthly index for both the Manufacturing and Non-Manufacturing sectors. A weaker economy is always good for interest rates, but this report had the added benefit of showing lower prices at a time when the market is looking for evidence of calmer inflation. With that, the average mortgage lender was able to drop rates to levels just a hair higher than the lows from March 23-24.