April 1st, 2016 12:31 PM by Jonathan White
Mortgage Market News for the week ending April 01,
President and CEO
Mortgage Broker | NMLS ID: 3443
Blue Door Mortgage, LLC
Newton, MA 02459
Speech from Yellen
release of a wide range of major economic data, a speech from Fed Chair
Yellen had the biggest influence on mortgage rates over the past week.
Her comments were favorable for both stocks and bonds, and mortgage
rates ended the week lower.
March 16 Fed meeting, several Fed officials have expressed support for
tightening monetary policy at a more rapid pace. In Tuesday's speech,
Yellen laid out reasons that the Fed should take a very gradual approach
to tightening monetary policy. According to Yellen, economic troubles
in other countries pose downside risks to the U.S. economy. She also
said that it is unclear if the recent pickup in core inflation will be
sustained or whether it was due to temporary factors. Yellen's message
about an outlook for low inflation and a longer expected timeline for
tightening by the Fed was good news for mortgage rates.
few surprises in the important monthly employment report released on
Friday, and it caused little reaction. Against a consensus forecast
of 210K, the economy added 215K jobs in March. This is close to the
average monthly pace seen over the past year.
unemployment rate edged up from 4.9% to 5.0%. The higher rate was
mostly due to people entering the workforce, which is a sign of
strength. Average hourly earnings, an indicator of wage growth, rose
0.3% from February, matching expectations. The vast majority of the job
gains came in the service sector,
while manufacturing continued to shed jobs.
ahead, Factory Orders will be released on Monday. The ISM national
services index and the JOLTS report will come out on Tuesday. JOLTS
measures job openings and labor turnover rates. The Fed minutes from
the March 16 meeting will be released on Wednesday. These detailed
minutes provide additional insight into the debate between Fed
officials and have the potential to significantly move markets.
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