This Week Highlights the Following Updates:
- Even while the U.S. economy revealed its resilience in the face of international headwinds, mortgage rates remained muted.
- The ISM Manufacturing Index stepped up to 55.3, a level that is considered moderate growth. Its sister report covering manufacturing declined to 56.1, but that level still shows a solid level of growth.
- The unemployment rate remained level at 3.8%, and almost 200K new jobs were created in March. Weekly jobless claims dropped to the lowest level in this economic cycle, coming in at only 202K for the week.
- Retail Sales slipped by 0.2%, but the report revised January’s poor showing upward by 0.5%. The UK, Germany, and China have all released concerning news about their economies, but so far, the US remains only slightly impacted by those foreign concerns.
- This week could easily see mortgage rates trending upward, as is typically the case after a large drop.
- Given that underlying pressures increased last week, without much impact on mortgage rates, there is a good possibility that rates will move upward, especially if economic data remains mostly positive.
Almost Overnight 5 Million Could Save With A ReFi
As if the market was highlighting the power of dropping mortgage rates, Black Knight, an analytics provider, found that the number of people who could save on their mortgage after the massive drop, during the week of March 25, exceeded 1.6 million. By their calculation, nearly 5 million homeowners could see their interest rate drop by refinancing now. If you or anyone you know is considering refinancing, please give me a call for analysis of their savings potential.