Updated on January 3, 2018 10:15:18 AM EST
Today’s first mortgage-relevant event was the release the Institute for Supply Management’s (ISM) manufacturing index for December at 10:00 AM ET. It came in at 59.7, exceeding forecasts and up from November’s 58.2. The increase indicates manufacturer sentiment was stronger than many had thought, making the news unfavorable for bonds and mortgage rates. This is considered to be an important release, so the muted bond response to the reading is fortunate for mortgage shoppers.