Mortgage Rates Rise as Trade Deficit and ISM Services Index Report are Released
Mortgage rates have increased at the start of the week, with most lenders raising their costs by 0.125% to 0.25% since Thursday afternoon, according to Matthew Graham at Mortgage News Daily. This follows a similar increase by some lenders on Friday. Wednesday’s economic releases include the results for the mortgage purchase applications index from the Mortgage Bankers Association (MBA) at 7:00 AM ET. At 8:30 AM, the Census Bureau will report on the trade balance for July, with a consensus expectation of a trade deficit of $65.85 billion, up from $65.5 billion in June. The ISM Services Index for August will be released at 10:00 AM, with a consensus forecast of a slight decline from 52.7 to 52.6. Finally, at 2:00 PM, the Federal Reserve will issue the Beige Book, which provides insights into the current economic conditions across the Federal Reserve Districts.
