Mortgage rates are mostly unchanged this morning.
From now until Friday most of the financial market’s attention will be focused on jobs (click HERE to understand how this report can impact mortgage rates). The all-important monthly employment report from the Bureau of Labor Statistics is due out Friday and the markets are currently expecting 203,000 new jobs created in March.
Private payroll company ADP released its version of the monthly jobs report today which showed 201,000 new jobs were created last month. Historically, the ADP & BLS report have little correlation so the markets are not reacting to this morning’s figures.
Later today the US Treasury will auction the remaining $29 billion of this weeks $99 billion in Treasury note supply. The first 2 auctions have been met with marginal demand so if today’s auction is also marginal then it would be a compelling sign that rates are headed higher.
Current outlook: neutral