5 Key Factors That Affect Your Mortgage Rate

5 Key Factors That Affect Your Mortgage RateMany first time home buyers often wonder what factors determine their mortgage rate. Is it their credit score? Is it the type of loan chosen? Is it the size of the loan?

The truth is, there are many factors at play. Mortgage interest rates are not standardized across the board, so they vary from lender to lender and from borrower to borrower.

Here are 5 common factors that determine or affect your mortgage interest rate:

1.    Default Risk

Risk is a key consideration when determining mortgage interest rates. Banks and other lenders are in a risky business because there is always a chance of a borrower defaulting on their loan repayments. This is known as default risk. 

Banks and lenders therefore charge riskier borrowers higher interest rates to discourage them from borrowing, as well as to be able to average their returns between risky and non-risky borrowers. Risk is one of the prime factors that influence your mortgage rate.

2.    Credit Score

Perhaps you are wondering how banks and other lenders determine if you are a risky or non-risky borrower. There are many tools they can use, but your credit score plays a big role. You credit score is based on the borrowing history in your credit report, which summarizes all details about your credit card balances and timely bill repayment. 

If you pay your bills on time and sustain relatively low credit scores, your credit score stays high and lenders view you as a low-risk borrower. Consequently, your mortgage interest rates tend to be lower than a person with a low credit score.

3.    Type of Property You Are Purchasing

Some properties have a higher risk of default compared to others. This is determined by analyzing the historical likelihood of default on different properties; lenders use this analysis as the reason to charge higher mortgage interest rates on riskier ones. 

For example, vacation homes tend to have a higher rate of default compared to single-family homes and lenders charge higher rates for such homes. 

4.    Size of Down Payment

The amount of money you pay upfront on the mortgage also influences its interest rate. A large down payment gives you a lower LTV ratio (loan-to-value), which also decreases the level of risk borne by a lender. A small down payment, on the other hand, gives you a high LTV ratio and thus a higher mortgage interest rate.

5.    Loan Amount

A large loan bears a higher risk than a smaller one simply because there is more money at risk. Most lenders therefore charge higher interest rates on large property loans as compared to smaller ones.

All in all, different lenders offer different rates depending on their style of operation, appetite for risk, or competitiveness in the market. It’s important to search intensively for offers from different lenders for the best mortgage rate. Contact your mortgage professional to help you find out more about mortgage rates and what that means for your next home purchase.

 

Advertisements

What’s Ahead For Mortgage Rates This Week – January 29, 2018

Last week’s economic news included releases on new and existing home sales along with weekly readings on mortgage rates and first-time jobless claims.

Home Sales Fall Due to Slim Supply of Homes

December sales of previously-owned homes dipped to an 18-year low with a reading of 5.57 million sales on a seasonally-adjusted annual basis. Pre-owned home sales were expected to reach 5.73 million homes based on November’s downwardly- revised reading of 5.78 million sales. December sales were 3.6 percent lower month-to-month, but were 1.10 percent higher year-over-year.

Analysts credited the shortage of sales to tight inventories of homes for sale. Low inventories of homes for sale have worsened, a situation that sidelines would-be buyers due to the slim selection of homes, rapidly rising prices and buyer competition.

Lawrence Yun, Chief Economist of the National Association of Realtors, said that December sales were lower in all four regions tracked by his organization. The Northeast had 7.50 percent fewer sales; The Midwestern region has 6.30 percent fewer sales in December and the South and West had 1.70 percent and 1.60 percent fewer sales.

Available homes reached a 3.20-month supply; the National Association of Realtors typically views a six-month supply of available homes as average. The national median home price was $246,800 in December and was 5.80 percent higher year-over-year.

Sales of new homes were also significantly lower in December, at an annual rate of 625,000 sales. Analysts expected 679,000 sales and November’s reading showed a sales pace of 689,000 sales.

New Home Sales Fall in December

Sales of new homes were lower in December but were strong overall for 2017. The Commerce Department reported 625,000 sales of new homes for December as compared to expectations of 680,000 sales and November’s downwardly revised reading of 689,000 sales of new homes.

The annual sales pace of new homes was 9.30 percent lower in December than in November, but the sales price of new homes increased 14.10 percent year-over-year. The median price of a new home was $335,400, which was 2.50 percent higher year over year. A 5.6 month supply of new homes for sale reflected healthy market conditions for new homes.

Mortgage Rate, New Jobless Claims Higher

Mortgage rates rose for the third consecutive week with the average rate for a 30-year fixed rate mortgage 11 basis points higher at 4.15 percent; the average rate for a 15-year fixed rate mortgage was 3.62 percent and was 13 basis points higher. 5/1 adjustable rate mortgages averaged 3.52 percent and rose by six basis points. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages. Higher mortgage rates were attributed to an increase in the 10-year Treasury yield, which was at its highest rate since 2014.

First-time jobless claims rose last week after reaching a 45-year low the previous week. 233,000 new claims were filed last week; analysts expected a reading of 240,000 new claims filed against the previous week’s reading of 216,000 new jobless claims filed. Bad weather, two holidays in January and seasonal layoffs at the end of the holiday shopping season contributed to the increase in new jobless claims.

Whats Ahead

This week’s scheduled economic reports include readings from Case-Shiller Home Price Indexes, homeownership rates, and inflation. The Bureau of Labor Statistics will release monthly reports on private and public-sector jobs and the national unemployment rate. Weekly readings on mortgage rates and first-time jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – January 22, 2018

Last week’s economic news included readings on home builder confidence, housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims were also released; the week wrapped with the University of Michigan’s report on consumer sentiment.

Home Builder Confidence Dips, Remains in Positive Territory

According to the National Association of Home Builders, builder confidence dropped two points in January to 72, but high demand for homes continued to provide builders with positive outlooks on housing market conditions. While continued concerns over labor and lot shortages were cited, home builders surveyed for January’s Housing Market Index said that High demand for homes and recent tax legislation kept more builders confident than those who were not. Any reading over 50 indicates positive builder sentiment.

Housing Starts, Building Permits Fall in December

Housing starts fell 8.20 percent in December according to the Commerce Department. 1.192 million starts were forecast on a seasonally- adjusted annual basis; analysts expected a reading of 1.280 million starts based on November’s reading of 1.299 million starts. 1.302 million building permits were issued in December on a seasonally-adjusted annual basis. November’s reading was higher at 1.303 million building permits issued.

Mortgage Rates Rise, New Jobless Claims

Freddie Mac reported higher mortgage rates for the second week in a row. The average rate for a 30-year fixed rate mortgage rose five basis points to 4.04 percent; the average rate for a 15-year fixed rate mortgage rose five basis points to 3.49 percent and the average rate for a 5/1 adjustable rate mortgage was unchanged at 3.46 percent. Discount points averaged 0.60 percent for 30-year fixed rate mortgages and 0.50 percent for 15-year fixed rate mortgages. Discount points averaged 0.30 percent for 5/1 adjustable rate mortgages.

New jobless claims were lower with 220,000 new claims filed as compared to estimates of 250,000 new claims. 261,000 new claims were filed the prior week. Consumer sentiment was lower in January with an index reading of 94.40. Analysts expected the consumer sentiment index to reach 98.00, based on December’s reading of 95.90 percent, but uncertainty over tax benefits connected with recent legislation and rising interest rates contributed to the lowest consumer sentiment index reading since July.

Whats Ahead

This week’s scheduled economic reports include readings on new and existing home sales along with weekly readings on mortgage rates and first-time jobless claims.

What’s Ahead For Mortgage Rates This Week – January 16, 2018

Last week’s economic releases on inflation, core inflation, and retail sales. Weekly readings on mortgage rates and new jobless claims were also released.

Inflation and Retail Sales Ease in December

Consumer prices fell from November’s reading of 0.40 percent growth to o.10 percent growth in December, which matched expectations. The Core Consumer Price Index, which excludes volatile food and energy prices, dropped to 0.30 percent from November’s growth rate of 0.40 percent. Analysts expected a Core CPI reading of 0.20 percent for December.

Retail sales were lower in December as compared to November’s reading of 0.90 percent growth month-to-month; December’s retail sales grew by 0.40 percent. Core retail sales, which excludes automotive sales grew by 0.40 percent in December as compared to November’s growth rate of 0.90 percent. Analysts expected retail sales to increase by 0.50 percent. Retail sales excluding automotive sales also grew by 0.40 percent as compared to an expected reading of 0.30 percent and November’s growth rate of 1.30 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher average mortgage rates last week with rates for a 30-year fixed rate mortgage averaging four basis points higher at 3.99 percent. Mortgage rates for a 15-year fixed rate mortgage were six basis points higher at an average of 3.44 percent. The average rate for a 5/1 adjustable rate mortgage was one basis point higher at an average of 3.46 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

First-time jobless claims rose to 268,000 filings as compared to 248.000 new claims expected and 258,000 new jobless claims filed the prior week. Last week’s new jobless claims.

Whats Ahead

This week’s economic releases include readings from the National Association of Home Builders, Commerce Department reports on housing starts and building permits issued and a report on consumer sentiment from the University of Michigan.

What’s Ahead For Mortgage Rates This Week – January 8, 2018

Last week’s economic reports included readings on construction spending, minutes of the most recent meeting of the Fed’s Federal Open Market Committee. Labor reports including ADP, Non-Farm Payrolls, and national unemployment were released along with weekly readings on mortgage rates and new jobless claims.

Construction Spending Rises; Driven by Residential Building

Residential construction drove November construction spending surpassed expectations of a 0.50 percent increase; Overall, construction spending rose by 0.80 percent in November. Residential construction was up 7.90 percent year-over-year. Single-family home construction rose 8.90 percent year-over-year. Rising rates of single-family construction is good news for homebuyers, who have faced obstacles due to short inventories of available homes. Analysts expected Q4 2017 construction pace to be the highest since Q1 2016.

While more homes for sale could help ease rapidly rising home price, rising mortgage rates could sideline first-time and moderate-income buyers, but Fed policymakers had mixed opinions about raising the federal funds rate forecast for 2018.

Fed Policy Makers Divided Over Projected Interest Rate Hikes

Minutes for the FOMC meeting held December 12 and 13 reflected varied views among Committee members about three projected interest rate hikes in 2018. Analysts watch Fed policy decisions carefully as raising the target federal funds rate typically causes mortgage rates and consumer lending rates to rise.

Labor markets continued to grow and although mortgage lending standards eased somewhat, lenders remained reluctant to fund mortgages and auto loans for those with low credit scores. Inflation hovered beneath the Fed’s objective of two percent, but FOMC members voted to raise the target federal funds rate of 1.25 to 1.50 percent. This increase remained within the accommodative range according to FOMC members.

Mortgage Rates, New Jobless Claims

Average mortgage rates were lower across the board last week. Rates for 30-year fixed rate mortgages averaged 3.95 percent which was four basis points lower than the previous week. Rates for a 15-year fixed rate mortgage were six basis points lower at an average of 3.38 percent; rates for 5/1adjustable rate mortgages averaged 3.45 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims rose by 3000 claims to 250,000 new claims, which exceeded expectations of 240,000 new claims and prior week’s reading of 247,000 first-time jobless claims. December readings for the labor sector included ADP payrolls, which tracks private-sector jobs. 250,000 jobs were added in December as compared to November’s reading of 185,000 jobs added. The Commerce Department reported 148,000 new public and private sector jobs added in December against November’s reading of 252,000 jobs added. Analysts expected 195,000 new jobs to be added in December. National unemployment held steady at 4.10 percent, which matched expectations and November’s reading.

What’s Ahead For Mortgage Rates This Week – January 2, 2018

Last week’s economic readings included Case-Shiller Home Price Indices, pending home sales and consumer confidence. Weekly readings on mortgage rates and new jobless claims were also released.

CaseShiller: Home Prices Continue Growth

Case-Shiller Home Price Index reports indicated incremental growth in October with home prices growing month-to-month 0.70 percent for the S&P Case-Shiller 30-City Home Price Index. The 20-city index posted 6.20 percent gains year-over-year. Western cities continued to post the largest gains; Seattle, Washington led with a year-over-year growth of 12.70 percent. Las Vegas, NV and San Diego, California rounded out the top three with year-over-year home price growth of 10.20 percent and 8.10 percent.

Pending Home Sales Subject to Slim Inventory of Available Homes

Homes under purchase contract rose by 0.20 percent in November as compared to an increase in pending sales of 3.50 percent in October. Analysts expected pending sales to rise by 0.50 percent in November. Extremely low inventories of available homes continued to dampen home purchases in November. The National Association of Realtors® said there was a 3.40 months’ supply of homes for sale as compared to an average reading of a six months supply.

Small inventories of homes for sale constrict sales by driving up prices, increasing buyer competition and challenging buyers to find homes they want buy among limited choices.  Pending sales varied by region with the Northeast posting a 4.10 percent increase in pending sales; the Midwest posted an increase of 0.40 percent in pending sales The South posted a decline in pending sales of -0.40 percent. The West posted a decrease of 1.80 percent, which could indicate that rapidly rising prices in Western markets are topping out. Analysts said that the disparity between pending home sales and completed sales of pre-owned homes made it difficult to accurately assess the future housing market trends.

Mortgage Rates Rise, Consumer Confidence Highest in 17 Years

Freddie Mac reported higher average mortgage rates last week. Rates for a 30-year fixed rate mortgage averaged five basis points higher at 3.99 percent; the average rate for a 15-year fixed rate mortgage was six basis points higher at 3.44 percent. The average rate for 5/1 adjustable rate mortgages was eight basis points higher at 3.47 percent. Discount points were unchanged on average at 0.50 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages. Analysts had forecast a hike in mortgage rates after the Fed raised its target federal funds rate.

Consumer confidence rose to its highest rate in 17 years in November. December’s month-to-month index reading was 122.10 as compared to an expected reading of 127.5 and November’s reading of 128.6.  Although confidence dipped in December, analysts said that consumers are confident about jobs and the economy.

Whats Ahead

This week’s economic readings include releases on construction spending, ADP and Non-farm payrolls and the National unemployment rate. Weekly readings on mortgage rates and first-time jobless claims will also be released

What’s Ahead For Mortgage Rates This Week – December 26, 2017

Last week’s economic reports included readings on NAHB homebuilder confidence, housing starts, building permits issued and sales of previously-owned homes. Weekly releases on mortgage rates and new jobless claims were also released.

Builder Confidence Rises, Housing Starts Increase

According to the National Association of Home Builders Housing Market Index for December, builder confidence in housing market conditions rose by four points to 74. This reading was the highest since 1999. Builder confidence increased based on strong labor markets, demand for homes and potential tax breaks resulting from proposed tax code revisions.

Housing and real estate industries continued to cite an imbalance caused by high demand for homes and few available homes for sale. Increasing production of new single-family homes is the only way to ease the discrepancy between supply and demand. Reducing demand for homes would also slow the pace of home price growth, which impacted the ability of first-time and moderate-income home buyers to purchase homes.

Commerce Department readings indicate that builder confidence aligned with housing starts in November. 1.297 million housing starts were reported as compared to expectations of 1,250 housing starts based on October’s revised reading of 1.256 million starts on a seasonally adjusted annual basis. Housing starts were 3.30 percent higher month-to-month and 12.90 percent higher year-over-year. Single-family starts were 5.30 percent higher for November. Analysts said that this indicated builder confidence in single-family home building increased.

Building permits issued in November were lower than in October, but home construction slows in the winter months. 1,298 million building permits were issued in November as compared to 1.316 million permits issued in October.

Demand Pushes PreExisting Home Sales in November

Sales of Previously-owned Homes rose to 5.81 million sales on a seasonally-adjusted annual basis as compared to October’s reading of 5.50 million sales of previously-owned homes. Pre-owned homes sales were 5.60 percent month-to-month and 3.80 percent higher year-over-year.

The National Association of Realtors® reported increased sales of pre-owned homes in all regions except the West, where high home prices may be topping out. The Northeast reported 6.70 percent growth in sales; the Midwestern region had the highest rate of sales with growth of 8.40 percent and the South reported 8.30 percent growth in sales of previously-owned homes. The West reported a drop of -2.30 percent in sales of pre-owned homes.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher average mortgage rates last week. The rate for a 30-year fixed rate mortgage was one basis point higher at 3.94 percent; the rate for a 15-year fixed rate rose two basis points to 3.38 percent. The average rate for a 5/1 adjustable rate mortgage rose three basis points to 3.39 percent. Discount points for fixed rate mortgages averaged 0.50 percent for fixed rate loans and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims were higher last week with 245,000 new claims filed as compared to last week; reading of 225,000 new jobless claims and expectations of 230,000 new claims.

Whats Ahead

This week’s economic releases include the Case-Shiller Home Price Index, pending home sales and consumer confidence. Mortgage rates and weekly jobless claims will also be released.

What’s Ahead For Mortgage Rates This Week – December 18, 2017

Last week’s economic reporting included readings on inflation, core inflation and the Post-meeting statement of the Fed’s Federal Open Market Committee. Fed Chair Janet Yellen also gave a press conference; weekly readings on mortgage rates and new jobless claims were also released.

Inflation Rises in November

U.S. inflation rose by 0.30 percent to 0.40 percent in November; October’s reading was 0.10 percent and November’s reading met analysts’ expectations. Core Consumer Price Index readings for November posted a gain of 0.10 percent, which fell short of the expected reading and October’s reading of 0.20 percent. Core CPI readings are less volatile as they do not include volatile food and energy sectors.

FOMC Statement: Fed Raises Target Rate

The post-meeting statement of the Federal Reserve’s Federal Open Market Committee cited strong economic signs in its decision to raise the target federal funds range by 0.25 percent to 1.25 percent to 1.50 percent. The Committee indicated that it expects inflation to hold steady in the near term and to stabilize closer to the Fed’s goal of two percent annually in the medium term.

Fed Chair Janet Yellen gave a press conference after the FOMC statement was released. She cited strong labor markets and low unemployment as signs of healthy economic conditions. The Fed’s dual mandate of achieving maximum employment and stable pricing has not been met due to lagging inflation. The Federal Reserve’s goal of 2 percent annual inflation fell short at 1.60 percent year-to-date. Job growth was strong with job growth expanding at a monthly average of 170,000 jobs over the past three months.

The Fed expects the inflation to achieve its 2 percent goal in 2019; unemployment is expected to remain at or near its current rate of 4.10 percent. This was good news as the expected exit of aging workers will increase in coming years as baby-boomers retire. Ms. Yellen affirmed her intention to aid in a smooth transition for the Federal Reserve as incoming Chair Jay Powell prepares to take over in February.

Mortgage Rates, Mixed, Weekly Jobless Claims

Fixed mortgage rates averaged one basis point lower last week with the rate for a 30-year fixed rate mortgage at 3.93 percent. The rate for a 15-year fixed rate mortgage averaged 3.36 percent’ the average rate for a 5/1 adjustable rate mortgages rose one basis point to 3.36 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages. Analysts said that lenders expected the Fed to raise rates and so factored in an increase of long term loan rates over time.

New Jobless claims dropped by 11,000 last week to 225,000. Analysts had expected 235,000 new claims based on the prior week’s reading of 236,000 new claims.

What’s Ahead For Mortgage Rates This Week – December 11, 2017

Last week’s economic reports included readings on projected top housing markets for 2018, weekly readings on mortgage rates and new jobless claims. Labor sector readings on private-sector job growth, private and public-sector job growth and the national unemployment rate were released. Projected top housing markets in 2018 were also released.

Realtors Release Projections for Top Housing Markets in 2018

Prospective homebuyers and retirees facing home affordability issues in metro areas such as New York City and the West Coast are seeking affordable housing markets according to data released by the National Association of Realtors®.

The top three housing markets for 2018 are expected to be Las Vegas, Nevada with a median home price of $285.405 and expected annual price growth of 6.90 percent. Dallas Texas held second place with a median home price of $339,000 and expected annual home price growth of 5.60 percent. Deltona, Florida held the third position for top housing markets in 2018. Deltona is located between Daytona Beach and Orlando, Florida. Within the city of Deltona, home prices average $159,000 in Deltona and $275.000in the metro area. Home prices are expected to grow at an annual rate of 6.0 percent.

Home prices continue to be driven by low supplies of homes for sale. High demand is causing prices in many metro areas to rise to unaffordable levels/ Retirees who are no longer tied to pricey metro areas are moving to less costly neighborhoods.

Mortgage Rates Rise, Jobless Claims Fall

Freddie Mac reported higher mortgage rates across the board. The average rate for a 30-year fixed rate mortgage rose 0.04 basis points to 3.94 percent. 15-year fixed mortgage rates averaged 0.06 basis points higher at 3.36 percent. The average rate for a 5/1 adjustable rate mortgage was 0.03 basis points higher for an average rate of 3.35 percent. Discount points average 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims were lower last week, with 236,000 new claims filed against expectations of 240,000 new claims filed and the prior week’s reading of 238,000 new jobless claims filed. According to November’s federal Non-Farm Payrolls report, government and private sector payrolls grew by 228,000 jobs as compared to expectations of 200,000 new public and private sector jobs added and the prior month’s reading of 244,000 jobs added.

ADP reported 190,000 private-sector jobs added in November as compared to 235,000 new jobs added in October. The national unemployment rate held at 4.10 percent, which was the lowest level in almost 17 years.

Whats Ahead

This week’s economic readings include releases on inflation, the Fed’s FOMC post-meeting statement, Fed Chair Janet Yellen’s press conference along with weekly readings on mortgage rates and new jobless claims. 

What’s Ahead For Mortgage Rates This Week – December 4, 2017

Last week’s economic releases included readings on new and pending home sales, Case-Shiller index readings for September, and construction spending. Weekly readings on new jobless claims and mortgage rates were also released.

Home Price Growth Driven by Shortage of Homes for Sale

Case-Shiller Home Price Indices reported 6.20 percent growth in home prices year-over-year in September as compared to August’s reading of 6.00 percent year-over-year growth for August. September’s reading was the highest for national home price growth since 2014.

According to the 20-City Home Price Index, Seattle, Washington held on to first position with 12.90 percent home price growth year-over-year. Analysts noticed that the month-to-month reading for Seattle home prices dipped by 0.30 percent, which could indicate that home price growth may be cooling. Las Vegas, Nevada achieved second position for home price growth with a year-over-year reading of 9.00 percent. San Diego, California held third position with year-over-year home price growth of 8.20 percent.

High demand for homes coupled with the low inventory of homes for sale continued to drive home prices up in 16 of 20 cities charted in Case-Shiller’s 20-City Home Price Index.

New and Pending Home Sales Rise in October

Sales of new homes rose to 685,000 on a seasonally-adjusted annual basis to their highest reading in 10 years. The reading for new home sales year to date rose by 8.90 percent as compared to the same period in 2016. Analysts expected a reading of 620,000 new home sales as compared to September’s revised reading of 645,000 new homes sold. As of October, there was a 4.90 months supply of new homes for sale, as compared to September’s 5.20 months supply of new homes on the market.

The Commerce Department reported 3.50 percent growth in pending home sales in October as compared to September’s negative reading of -0.40 percent. In a further sign of confidence in housing markets, construction spending rose by 1.40 percent in October as compared to September’s reading of 0.30 percent and analysts” expectation of an increase of 0.40 percent in construction spending.

Mortgage Rates Mixed, New Jobless Claims

Mortgage rates were mixed last week with average rates for fixed rate mortgages dropping two basis points. A 30-year fixed rate mortgage averaged 3.90 percent; rate; rates for a 15-year fixed rate mortgage averaged 3.30 percent and rates for a 5/1 adjustable rate mortgage rose two basis points to 3.32 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims dipped by 2000 new claims to 238,000 initial claims filed. Analysts expected new jobless claims to hold steady at the prior week’s reading of 240,000 new claims filed.

Whats Ahead

This week’s scheduled economic releases include ADP payrolls, and Commerce Department readings on Farm Payrolls and the national unemployment rate. Consumer sentiment will be updated next week along with weekly readings on mortgage rates and new jobless claims.