From Matthew Graham at Mortgage News Daily: Another Day in The New, Higher Rate Reality
“Higher for longer,” they said. And they weren’t kidding. … There have been some complicating factors over the past 2 weeks, but rising rate momentum is still mostly about the economy. As such, it’s the economy that will need to demonstrate a shift before we see meaningful relief. Until then, the path of least resistance is the path we’ve been seeing. Today was just another day on that path. [30 year fixed 7.48%]
emphasis added
Tuesday:
• At 10:00 AM ET, Existing Home Sales for July from the National Association of Realtors (NAR). The consensus is for 4.15 million SAAR, down from 4.16 million last month.
• Also at 10:00 AM, Richmond Fed Survey of Manufacturing Activity for August.