ISM Index (Institute for Supply Management)
February’s Institute for Supply Management's (ISM) manufacturing index was posted at 10:00 AM ET this morning, coming in at 60.8. This was higher than expected and up from January, meaning surveyed manufacturing executives felt business improved during the month. Stronger manufacturing activity contributes to overall economic growth. Therefore, we should consider the data unfavorable for mortgage rates. Fortunately, it appears the negative momentum in bonds has subsided, limiting the impact on today’s rates.