Updated on August 31, 2014 10:33:19 PM EDT This week brings us the release of six pieces of economic data, with two of them considered to be highly important to the markets and mortgage rates. The financial and mortgage markets will be closed tomorrow in observance of the Labor Day holiday, meaning we will not see new mortgage rates until Tuesday morning. This report will not be updated tomorrow as a result of the holiday.
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The first release of the week will come from the Institute for Supply Management (ISM), who will post their manufacturing index for August at 10:00 AM ET Tuesday. This index measures manufacturer sentiment and is expected to show a reading of 56.9, which would be a small decline from July's reading of 57.1. A reading above 50 indicates manufacturing sector strength because it means that more surveyed manufacturers felt business improved during the month than those who felt it had worsened. A much larger decline in the index would likely cause selling in the stock markets and lead to an improvement in mortgage rates Tuesday as it would hint at manufacturing sector weakness.