The U.S. manufacturing purchasing managers index, or PMI,, according to a Thursday report from financial data firm IHS Markit. This was a sign to financial markets that the trade battle could be slowing the U.S. economy.
"Lenders will be repricing for the better," said Matthew Graham, chief operating officer at MND. "The resulting rate sheets will put us right in line with the lowest rates in more than a year ." Home buyers are incredibly sensitive to rate moves in today's housing market because home prices are so high. With very little wiggle room in their wallets, buyers have to be able to make the math work on the monthly payment. Just a half percentage point move can mean $100 a month more or less on a $300,000 mortgage.
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