• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• At 8:15 AM, The ADP Employment Report for July. This report is for private payrolls only (no government). The consensus is for 165,000 payroll jobs added in July, down from 172,000 added in June.
• At 10:00 AM, the ISM non-Manufacturing Index for July. The consensus is for index to decrease to 56.0 from 56.5 in June.
From Matthew Graham at Mortgage News Daily: Mortgage Rates Rise; Potential Volatility Ahead
Mortgage rates moved higher again today, after hitting the lowest levels in roughly 2 weeks last Friday. Like yesterday, today’s increase was fairly minimal in the big picture, but successive days of weakness can add up. Unlike yesterday, most borrowers would now be seeing slightly higher costs on today’s rate quotes compared to Friday’s.
Here’s the good news though: apart from the past 2 days, today’s rates are the lowest in more than 2 weeks. After rising to a range of 3.5-3.625% last week, conventional 30yr fixed rates are now more likely to be quoted in a 3.375-3.5% range on top tier scenarios.
Here is a table from Mortgage News Daily: