From Matthew Graham at Mortgage News Daily: Mortgage Rates Have Quickly Erased Last Week’s Drop
There was no new data behind today’s move. Truly, it was as simple as the mortgage market getting caught up with the bond market (bonds ultimately dictate rate momentum).
The next big flashpoint will be Wednesday morning’s Consumer Price Index (CPI)–the most important monthly inflation report, and oftentimes more important than the jobs report … While there’s no way to know if the report will be good or bad for rates, nothing else on this week’s calendar has the potential to cause as much of a reaction. [30 year fixed 6.50%]
emphasis added
Tuesday:
• At 6:00 AM ET, NFIB Small Business Optimism Index for March.