Mortgage Rates Rise to Match 6 Month Highs

We came into the current week knowing that rates would take cues from any clear cues in this week's economic data. In general, that means higher rates in response to stronger data or lower rates if the data is weaker. Today's data was stronger across the board. One of the most closely watched economic reports that most people have never heard of--ISM's Service sector index--was only a bit higher than markets expected, but the report includes separate components for things like employment and prices. Today's release showed a sharp increase in prices and that's a particularly sensitive subject for rates these days. At the same time, the US government released job openings numbers which showed an unexpected uptick back to the highest levels in 6 months. Higher jobs openings tend to coincide with higher rates. Incidentally, mortgage rates also matched their highest levels in 6 months today, last seen on December 19th and July 1st. On the plus side, this didn't represent a huge move from yesterday's latest levels with the average lender only increasing 30yr fixed rates by 0.04%.
Categories
Recent Posts

Lowest Mortgage Rates in Nearly a Month

Mortgage Rates Inch Lower, But Remain Broadly Sideways

Mortgage Rates Move Lower Even Though They Weren't Supposed To

Bigger Down Payments Continue in Q4 2024 as Homeowners Use Pandemic Era Savings and Increased Home Equity

Mortgage Rates Hold Steady Near Recent Highs

Mortgage Rates Modestly Higher on Average, But Some Lenders Are Lower

Mortgage Rates Tick Gently Higher to End Week

Mortgage Rates Very Close to Multi-Month Lows

Rates Move Back Toward Lows After Fed Announcement

Fewer Multifamily Permits Today Could Mean Costlier Rents Ahead
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "