•  This week has seven monthly and quarterly economic reports for the markets to digest, one of which is considered to be extremely important. Around those reports is an abundance of Fed speeches that may come into play also and a large number of corporate earnings announcements.

 •  Iran news and oil prices will also likely affect bond trading and mortgage pricing, possibly leading to multiple days with a noticeable change or an intraday revision in rates.

 •  March's Factory Orders report will begin this week's economic calendar at 10:00 AM ET tomorrow morning. It will give us a measurement of manufacturing sector strength but is considered to be only moderately important to the bond and mortgage markets. Forecasts show a 0.5% rise in orders. Favorable results will be a decline in orders.

 •  The Institute for Supply Management (ISM) will post their April non-manufacturing index at 10:00 AM ET Tuesday. This is the sister release to last week's ISM manufacturing index and also known as their service index, measuring sentiment of business executives in the service sector rather than manufacturing. Analysts are expecting to see it move from March's 54.0 to 53.8 last month. Good news for mortgage rates would be a weaker than predicted reading.

 •  Also late Tuesday morning will be the release of February and March’s New Home Sales data. This government shutdown delayed data gives us an indication of strength in the small portion of the housing sector that the Existing Home Sales report doesn’t cover. It tracks sales of newly constructed homes by U.S. region, but this report usually doesn’t have an impact on mortgage rates.

 •  Wednesday brings us the first employment data of the week when the ADP private-sector Employment report is released at 8:15 AM ET. Analysts are expecting it to show that approximately 80,000 private sector payrolls were added to the economy last month. A smaller number would be good news for rates.

 •  In addition to the weekly unemployment update, 1st Quarter Productivity and Costs data is also set for release at 8:30 AM ET Thursday. High levels of worker productivity allow for low-inflationary economic growth. Productivity is expected to have improved 1.8% while labor costs reading rose 2.8%. Good news for mortgage pricing would be a stronger rate of productivity and a smaller increase in labor costs.

 •  The most important economic release of the week is April's Employment report at 8:30 AM ET Friday. This is an extremely influential report for the financial and mortgage markets. It is expected to show that the unemployment rate held at March’s 4.3% and that approximately 58,000 jobs were added during the month, while earnings rose 0.3%.

 •  A higher unemployment rate and a much smaller increase in the payroll and earnings numbers would be good news for bonds and Friday’s rates because they would indicate weaker than thought conditions in the employment sector of the economy. On the other hand, stronger numbers would ease concerns about the sector, leading to an increase in rates.

 •  May's preliminary reading to the University of Michigan's Index of Consumer Sentiment will close out this week's calendar at 10:00 AM ET Friday. If consumers are more confident in their own financial situations, they are more apt to make large purchases in the near future. It is expected to show a reading of 49.5, down from April's final reading of 49.8, meaning consumers are a little less confident than last month. Waning confidence usually translates into softer consumer spending that restricts overall economic growth.

 •  Also worth noting is that now that the FOMC meeting is behind us, members of the Fed are allowed to speak publicly again about topics such as monetary policy and the economy. These individual speeches may yield opinions about future monetary policy moves in much more detail than the official FOMC statement showed last week. There is at least one of these speeches scheduled each day of the week with them set for all hours throughout the day.

 •  Overall, Friday is the most important day for rates due to the significance the Employment report carries, but we could see a sizable move in pricing multiple days. Thursday is a good candidate for calmest day.

 •  We should see plenty of headlines and movement in bonds that cause changes to rates this week. Therefore, please keep a close eye on the markets if still floating an interest rate and closing in the near future.

 • Visit our Daily Commentary page on our site for detailed explanations on current news that is relevant to mortgage rates.

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If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.