The hits keep coming for mortgage rates in 2022. Not since the early 80s have rates risen as quickly as they have in the past 2 months (or the past 4 months for that matter). Less than 6 months ago, some lenders were still quoting top tier conforming 30yr fixed rates just under 3%. As recently as early March, those same rates were still in the high 3’s at times. Now today, the average lender is easily over 5.5%. [30 year fixed 5.55%]
emphasis added
Tuesday:
• At 8:00 AM ET, Corelogic House Price index for March.
• At 10:00 AM, Job Openings and Labor Turnover Survey for March from the BLS.
• All day, Light vehicle sales for April. The expectation is for light vehicle sales to be 13.8 million SAAR in April, up from 13.36 million in March (Seasonally Adjusted Annual Rate).
On COVID (focus on hospitalizations and deaths):
| COVID Metrics | ||||
|---|---|---|---|---|
| Now | Week Ago |
Goal | ||
| Percent fully Vaccinated | 66.2% | — | ≥70.0%1 | |
| Fully Vaccinated (millions) | 219.7 | — | ≥2321 | |
| New Cases per Day3🚩 | 57,020 | 45,428 | ≤5,0002 | |
| Hospitalized3🚩 | 10,591 | 10,366 | ≤3,0002 | |
| Deaths per Day3 | 307 | 346 | ≤502 | |
| 1 Minimum to achieve “herd immunity” (estimated between 70% and 85%). 2my goals to stop daily posts, 37-day average for Cases, Currently Hospitalized, and Deaths 🚩 Increasing 7-day average week-over-week for Cases, Hospitalized, and Deaths ✅ Goal met. |
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Click on graph for larger image.
This graph shows the daily (columns) and 7-day average (line) of deaths reported.
Deaths are declining week-over-week, but new cases have more than doubled from the recent low, and hospitalizations are increasing.
Average daily deaths bottomed in July 2021 at 214 per day.