Durable Goods Orders
Besides the 7-year Note auction and weekly unemployment figures, we will also get an important economic release tomorrow morning. March's Durable Goods Orders will be released by the Commerce Department at 8:30 AM ET tomorrow. This report gives us an indication of manufacturing sector strength by tracking orders for big-ticket items at U.S. factories. These are products that are expected to last three or more years, such as appliances, electronics and airplanes. Current forecasts are calling for an increase in new orders of 0.9%. This would be a sign of manufacturing sector strength, but this data can be quite volatile from month-to-month. Therefore, a small variance between forecasts and the actual results will not heavily influence the markets or mortgage rates. A large decline would be considered good news for mortgage pricing, while a much larger rise would indicate strength in the sector. A sign of solid manufacturing growth could lead to higher mortgage rates tomorrow.