ADP’s private payroll data, released this morning, showed higher growth than anticipated, with 184,000 jobs added in March compared to estimates of 155,000.

Bond traders are currently pricing in a 62% chance of the first Fed rate cut in June, down from 70% last week according to the CME FedWatch Tool.

As the Bond Yields go, so goes the Mortgage Rates.

The graph below provides a clear illustration of the current and historical trends of the Fed rate, closely correlating with mortgage rates.