This week's story focused on how the service sector growth fuels the expanding economy. Across the board, the United States realized market growth and increasing inflation. Despite the strong data, mortgage rates ended the week slightly lower.
Service Sector Growth Affects Mortgage Rates
The most significant economic report this week exceeded expectations by a considerable amount. The ISM national services index jumped from 55 to 64. This result is far above the consensus forecast of 59. It is also the highest ISM national services index level ever recorded.
The service sector accounts for more than 75% of the United States' economic activity....

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Helpful tips
The Tide May Be Turning for Mortgage Rates and Inflation
Overview: Over the past week, investors remained focused on the incoming economic data, the vaccine rollout, and government stimulus spending. Mortgage markets continued to be volatile, but rates ended the week with little change.
Two key reports from the Institute of Supply Management (ISM) are closely watched by investors each month, and the latest data contained mixed results. The ISM Manufacturing Index rose to 60.8, above the consensus forecast of 59. This was up from a low of 41.5 in April 2020 and matched the highest level since 2004. By contrast, the ISM Services Index d...