All articles tagged with #ism services
Mortgage rates pulled back roughly halfway from two-week highs after stronger ADP payrolls and a robust ISM Services report, with the 30-year fixed around 6.13% as inflation signals cooled and traders waited for further clarity.
Weak economic data, including a significant miss in ADP employment and weaker ISM Services growth metrics, has led to lower yields in the bond market, with the employment index rising despite overall weaker growth indicators.
Strong economic data, including an upbeat jobs report and the ISM Non-Manufacturing PMI, caused mortgage rates to surge back over 7% for the first time since December 12th. The bond market reacted to the ISM data by moving to its weakest levels, prompting mortgage lenders to set rates much higher. This increase marks the worst day for mortgage rates in over a year, with rates more than 0.40% higher compared to Thursday afternoon.