From Matthew Graham at Mortgage News Daily: Mortgage Rates Back at 4-Year Highs Ahead of Inflation Data
Mortgage rates moved higher today as bond markets braced for impact from several upcoming events. … [T]omorrow’s Consumer Price Index–a key inflation report that can have an immediate impact on the bond market. If inflation is lower than expected, rates could recover. But if it’s as strong as expected (or higher), rates could easily continue higher. That would be unfortunate as today’s rate sheets are very close to being the worst in more than 4 years, depending on the lender. [30YR FIXED – 4.625%-4.75%]
emphasis added
Thursday:
• At 8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for 220 thousand initial claims, up from 211 thousand the previous week.
• Also at 8:30 AM, The Consumer Price Index for April from the BLS. The consensus is for a 0.3% increase in CPI, and a 0.2% increase in core CPI.