Mortgage Market Update 9/4/18

Rates inched higher Tuesday following the release of stronger than expected economic data.  This morning, the Institute for Supply Management manufacturing index jumped to 61.3, well above the consensus forecast of 57.5, to the highest level since May 2004.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Separately, July Construction Spending rose 0.1%, a bit less than expected.  Stocks moved lower on increased trade tensions with Canada and China.  No other key economic data will be released today.

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