University of Michigan Consumer Sentiment (Prelim)
Also scheduled for Thursday morning is the preliminary reading for April of the University of Michigan's Index of Consumer Sentiment. This index will give us an indication of consumer confidence that indicates consumers' willingness to spend. If confidence is rising, consumers are more apt to make large purchases. But, if they are growing more concerned of their personal financial or employment situations, they probably will delay making that purchase. The coronavirus and the current economic turmoil should weigh heavily on consumer sentiment, leading to a large decline. Forecasts are wide-ranging, but most are calling for a large decline from March’s 89.1. The lower the reading, the better the news it is for mortgage pricing.