From Matthew Graham at Mortgage News Daily: Mortgage Rates Jump After First Republic Sale
There are different levels of “failure” and the resolution that arrived today is one of the more palatable versions. In other words, things didn’t end as poorly as they might have, so investors were able to lighten up on the bonds that were previously purchased as a safe haven.
That was how the day began for rates, but it got worse after a key economic report on the manufacturing sector came in stronger than expected. In general, strong economic data puts upward pressure on rates.
The average lender moved at least an eighth of a percent higher for a conventional 30yr fixed. [30 year fixed 6.73%]
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 14.8 million SAAR in April, unchanged from 14.8 million in March (Seasonally Adjusted Annual Rate).