Posted To: Mortgage Rate Watch
In week-over-week terms, mortgage rates are modestly higher this afternoon compared to last Wednesday. In the slightly bigger picture, however, rates are best thought of as being flat since leveling off in late April after spending most of the month falling from longer-term highs. In other words, we made it through the first big post-covid rate spike in the beginning of 2021 and now we’re waiting to see where the next big bout of momentum takes us. Generally speaking, if the incoming economic data is much stronger than expected, the next move in rates is more likely to be “up.” That’s a very basic principle for rate watchers to understand and things rarely end up playing out in such a tidy and logical way. In the current case, not only would data need to be stronger than expected, but it would…(read more)
Source: Mortgage News Daily
