Mortgage rates began the day at higher levels, as bond markets lost ground overnight. Bonds dictate rates, and “losing ground” means bond prices are falling. When bond prices fall, rates move higher.
As bonds improved, most lenders ended up releasing positively-revised rate sheets. After the revisions, today’s mortgage rates ended up in substantially similar territory to last Friday’s. [30YR FIXED – 4.5%]emphasis added
• At 8:30 AM ET, Housing Starts for March. The consensus is for 1.269 million SAAR, up from 1.236 million SAAR in February.
• At 9:15 AM, The Fed will release Industrial Production and Capacity Utilization for March. The consensus is for a 0.4% increase in Industrial Production, and for Capacity Utilization to decrease to 78.0%.