by calculated risks 05/12/2022 08:00:00 PM
From Matthew Graham in Daily Mortgage News: Mortgage rates start low, but end up high
In addition to the Fed’s concern, there was stronger economic data again this morning with a headline report on the services sector nearing the highest levels since earlier this year (a big reversal considering the previous month came in at the lowest levels in over 2 years).
Strong economic data points to higher rates, all other things being equal. The bond market traded accordingly. By the end of the day, we’d lost enough ground that most mortgage lenders had to remember their initial offers and “re-price” them at higher rates/fees. The net effect was that Monday’s interest rates were close to Friday’s rates after being moderately low to start the day. [30 year fixed 6.33%]
• 8:00 am: Corelogic Home Price Index for the month of October.
• 8:30 am: Trade balance report For the month of October from the Census Bureau. The consensus is that the trade deficit will be $79.1 billion. The US trade deficit was $73.3 billion in September.