Market Update: Rates Unchanged After a Slow Week; Jobs Reports Coming Up This Week

Blog posted On April 02, 2024

Mortgage rates were unchanged last week, marking one of the calmest weeks for rates in quite some time. Inflation levels on the PCE index were uninteresting as well, coming in as expected in February. Consumer spending came in hotter than expected while personal income slipped. This morning, we got news about job openings on the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) from February. Though they were expected to be at a level of 8,760,000, they came in at 8,756,000. Coming up this week we have more jobs reports which historically have a stronger influence on rate trends.

The JOLTS also captures numbers like the quits rate, which came in at the lowest level in six years. This indicates a weaker jobs market, which could be good for the bond market and consequently mortgage rates. We also got some inflation news this morning in regard to oil prices, which have climbed in recent days/weeks due to overseas events.

Coming up tomorrow we have the ADP nonfarm employment change from March, which is expected to increase, and on Friday we have the big employment situation reports.

We will keep you updated as information comes out. In the meantime, let us know if you have any questions.

Sources: Mortgage News Daily