
• Friday’s mortgage rates should be close to Thursday’s early pricing, possibly modestly lower. The bond market is currently up 1/32 (4.36%).
• Stocks look to close out the week on a strong positive note. The Dow is up 312 points while the Nasdaq has gained 271 points.
• The Institute for Supply Management (ISM) gave us today’s only newsworthy economic data with the release of their April manufacturing index. They announced a reading of 52.7 that was unchanged from March’s reading, indicating manufacturer sentiment was flat. Forecasts were calling for a small increase from March’s reading.
• Next week has a much lighter calendar than this week did with fewer relevant economic reports and other scheduled events. It begins with a moderately important Factory Orders report Monday morning and ends with two Friday morning releases, one being the almighty monthly Employment report.
• Now that the FOMC meeting is behind us, members are free to speak publicly about relevant events such as the economy, geopolitical events and monetary policy.
• We should see plenty of those speeches next week, along with many more corporate earnings announcements.
• Look for details on next week’s activities in Sunday evening’s weekly preview.
• Visit our Daily Commentary page on our site for detailed explanations on current news that is relevant to mortgage rates.
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