Daily Rate Lock Advisory

Indexes Affecting Rate Lock

High

Unknown

None

Today is the only day this week without at least one relevant economic report set for release. The rest of the week has eight monthly or quarterly economic reports scheduled that may affect mortgage rates. Four of those are considered to be highly important to the financial and mortgage markets. There is a strong possibility of seeing significant movement in rates multiple days, particularly Wednesday through Friday.

Medium

Unknown

Consumer Confidence Index

April's Consumer Confidence Index (CCI) will start this week’s activities at 10:00 AM ET tomorrow. This index comes from the New York-based business research group named The Conference Board and not a governmental agency. They survey 5,000 consumers from across the country about their personal financial situations. If consumers are concerned about issues such as job security or income, they will probably delay making large purchases. That is favorable for the bond market and mortgage rates because the potential slowdown in spending would help to restrict economic growth. Forecasts show another decline in confidence from March's 92.9. The smaller the reading, the better it is for mortgage pricing.

Low

Unknown

Corporate Earnings

The next FOMC meeting is set for May 6-7th, so we should see limited Fed-member influence on trading this week due to their mandatory quiet period ahead of meetings. Corporate earnings season is still going strong with more big-named companies reporting earnings this week. They include companies such as Apple, Amazon and Microsoft to name a few. Generally speaking, good news for stocks is bad news for bonds and mortgage pricing. That isn’t always the case as we have seen them move in the same direction during the tariff volatility earlier this month, but the norm is they move in opposite directions.

High

Unknown

Employment Situation

Overall, take your pick for the most important day for rates. Wednesday has four reports scheduled, including two that are labeled highly important. Thursday’s ISM manufacturing index is also considered to be a major report, and the almighty monthly Employment report Friday is always a safe bet to draw a strong reaction in the markets. Accordingly, it would be prudent to keep a close eye on the markets if still floating an interest rate and closing in the near future because they should be active a good part of the week.

Rate Lock Advisory

Mortgage Rate Trend

Indexes Affecting Rate Lock

None

Consumer Confidence Index

Corporate Earnings

Employment Situation

Float / Lock Recommendation