Mortgage Market Update 4/2/18

Rates inched higher Monday despite the release of weaker than expected economic data.  The morning, the Institute for Supply Management manufacturing index fell to 59.3, below the consensus forecast of 60.0.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Separately, February Construction Spending rose 0.1%.  An increase of 0.5% had been expected.  Stocks moved lower.  No other key economic data will be released today.

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